Don't trust the rebound rally in bond yields, warns Michael Schumacher, global head of rate strategy at Wells Fargo Securities.
"We think about all the catalysts out there: trade, Brexit, Hong Kong," Schumacher said, adding that while U.S.-China trade headlines turned notably positive on Thursday, they didn't convince him that we were any closer to an immediate resolution.
. Bond yields move inversely to bond prices, which means as yields have plummeted, bond prices have skyrocketed. But with $17 trillion of sovereign debt and $1 trillion of corporate debt now trading at negative yields, it's getting tougher for investors to know where to turn, the strategist acknowledged.
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