The US Treasury market has been in a constant bull market for over 30 years now, defying thousands of sceptics along the away. In the last few years the rally has been particularly intense, as myriad investors have proclaimed that there’s no way rates could go lower… and yet they have.
But all things must come to an end, and this is the sign that we’re close.
Calculated Risk has put up a picture of the new PIMCO tower in Newport centre California.
It’s a new 20-story, 380,000 square feet tower that will have amazing ocean views.
Given that no firm has ridden the bond bull market like PIMCO has, the fact that they’re about to walk into the New Headquarter Curse says something big about the end of the rally.
Photo: Calcualted Risk