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The Federal Reserve is doing its best to avoid the taper tantrum of 2013

Treasuries investors, 2021 could turn out to be even worse than eight years ago.

The latest bond selloff -- triggered by a hawkish shift in the Fed’s signal on its policy path -- has left the Bloomberg U.S. Treasury Index down 2.2% this year, on track for the first annual loss since 2013, when it declined 2.8%. 

The market is hardly anticipating a repeat of the rout eight years ago, when then-Fed Chairman Ben Bernanke triggered a surge in yields after he suggested the central bank could begin to reduce asset purchases. In that episode, 10-year yields jumped more than 100 basis points in four months.

Ye Xie Bloomberg 2 oktober 2021


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