Extreme Bond Market Shorts Gamble on a Hawkish Powell Pivot [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: BNN Bloomberg
US Treasuries had their worst performance in seven months in April, with mounting evidence of economic resilience and stubborn inflation causing investors to pare back bets for Fed interest-rate cuts and load up on short bets instead. Traders who began the year positioned for multiple reductions in 2024 are now pricing in just one full quarter-point cut — and some now question whether the central bank will move at all. Fed speakers including Chair Jerome Powell have signaled in recent weeks that they are willing to hold rates higher for longer if the data continues to come in hot. Investors expect to hear more of the same from the Fed chair on Wednesday. That's left them in a defensive crouch and wagering on more losses, even after US yields have surged across the board to the highest since November. “The short bond trade is back,” said Kathryn Kaminski, chief research strategist and portfolio manager at quant fund AlphaSimplex Group, which established a fresh bearish position in
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BAC
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- 4/16/24 - Beat
BAC
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- 5/17/24 - Form 424B2
- 5/17/24 - Form 4
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