In today’s briefing:
- When Bond Yields Exceed 4%, UK Governments Fall
When Bond Yields Exceed 4%, UK Governments Fall
- In 2020 and 2021, investors opted for TIPS over conventional bonds, yet over the past year, they have moved the other way.
- The TIPS ETF has fallen from $40bn of assets to $20bn, while the long bond ETF has doubled from $15bn to $30bn.
- The loud and clear message from this shift is that investors are woefully unprepared for an inflation shock.
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