Cost of US debt brings global ups and downs

US ten-year bond yields look likely to hit an all-time low, which would be good news for developing nations but a bad sign for the Fed

18th August, 2019
Cost of US debt brings global ups and downs
Shoppers in Tashkent, Uzbekistan. The central Asian state is one of a number of developing countires that will benefit from lower US bond yields Picture: Bloomberg

Movements in the US bond markets are normally not all that noteworthy, but recently that has changed. A lot has been going on, with ramifications for asset prices and bond markets all over the world. The benchmark US ten-year bond yield has been falling rapidly and there is a significant chance that it will fall close to 1 per cent over the coming months.

This is a big deal. The bond’s all-time low was about 1.3...

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