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Худший разгром на рынке облигаций за несколько десятилетий продолжается
Bloomberg Global Aggregate Total Return Index , включающий суверенные и корпоративные облигации с инвестиционным рейтингом, снизился на 20% по сравнению с максимумами. При этом британские облигации упали на 27% в этом году.
"The turmoil in financial markets that has also caused a selloff in stocks is deepening, and “bond vigilantes” are back, according to Ed Yardeni, a veteran economist credited with coining the term in the 1980s. In Asia, the yuan and the yen are tumbling, while speculators bet the pound will slide below $1, a level that was once virtually unthinkable..
“We are staying defensive, given the globally hawkish central banks, currency volatility -- or even crisis to some extent -- energy crisis and a dragging war,” said Victor Wong, a portfolio manager at BEA Union Investment Management Ltd.
Policy makers led by the Federal Reserve rapidly unwinding ultra-easy stances have unleashed the extended plunge in markets, especially with few signs of a shift in their aggressive postures.
In addition to stocks and bonds moving in tandem, “we may also have to get used to less intervention as policymakers will be more constrained as inflation is structurally stickier,” Deutsche Bank AG analysts including Jim Reid wrote in a note.
In Asia, the tumble in the currencies of the region’s two largest economies may swell into a full-fledged crisis if it spooks overseas funds into pulling out money. The cost of insuring the debt of several countries against default in the region has spiked this month.
Sheng Songcheng, a former People’s Bank of China official, warned the Fed’s policy was destabilizing global markets and hurting other economies."
27 сентября 2022