Fund managers have not been dissuaded from the fixed income story, despite ten-year Treasury yields hitting 5% for the first time in 16 years.
Yesterday (23 October), yields hit a peak of 5.022%, according to data from MarketWatch, having trended close to the 5% watermark in recent days. It crossed the threshold at 10:38am UK time, before dipping back down just before midday, with a second shorter spike at 1:16pm. Aegon Asset Management investment manager Nick Chatters explained the moves in US yields is "a split story, between the upside surprise in US retail sales, giving a boost to the soft landing narrative, and also easing tensions in the Middle East". Royal London Asset Management head of rates and cash Craig Inches...
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