America’s bond market is quiet—almost too quiet
What is happening in the bond market? Not much, it seems. After explosive volatility earlier this year, which peaked around “Liberation Day”, when President Donald Trump announced a slew of tariffs, movements in yields have become remarkably orderly. Indeed, the MOVE index, which aggregates the implied volatility bond investors expect based on trading in derivatives markets, has declined steadily since April, and remains at depths not plumbed since 2021.
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