Business
Bonds blow up equity market – again – The Australian Financial Review
The assumed defensive hedge of fixed-rate bonds against equities has broken down, forcing investors to consider other options.
The regime-changing increase in long-term risk-free rates has been driven by the predictable normalisation in expectations for global growth as we exit the pandemic care of the rollout of effective vaccines coupled with the prospect of further fiscal stimulus in the US. And then there is some anxiety about an inflation outbreak, which presupposes a massive reduction in the US unemployment rate to less than 4 per cent.
This has led to the 10-year government bond yield in Australia jumping from circa…
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