'Soft landings', returning real wage growth, higher-for-longer central banks rates and artificial intelligence excitement have all swept recession and rate cuts off the table and stocks climbed. This was supposed be the year when the 'safe' investment buffer outperformed - recession and rate cuts were due and locking in hefty long-term, investment-grade coupons and sub-par bond prices were expected to easily trump ebbing cash returns while avoiding assumed company earnings turbulence in equity.Īs the second half of the year kicked off this week, something of a capitulation of the bond trade seems to be underway. LONDON - Unsure which way the cookie crumbles from here - investors are being tempted to drop the bond. (The opinions expressed here are those of the author, a columnist for Reuters.)
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