Treasuries Surge With Global Bonds as Brexit Seen Sidelining Fed
- ‘The Fed is on indefinite hold,’ Eagle Asset’s Camp says
- U.S. 10-year note yield closes at lowest level since 2012
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Treasuries surged, pushing benchmark yields down the most in almost five years, as Britain’s surprise vote to leave the European Union drove a rush for the safest assets.
Yields plunged across maturities as demand soared for U.S. debt, traditionally a haven for global investors during periods of stress. Derivatives traders don’t see the Federal Reserve raising interest rates for at least two years, with the market-implied probability of a rate cut this year climbing to 11 percent.