The bond-market rally is defying the typical investing playbook. Here’s why. — SkimNews
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- Commerce Department provided an initial GDP reading showing that the U.S. economy expanded at its fastest clip in over five years during the third quarter.
- Treasury bonds staged a surprise rally in October despite a barrage of robust economic data.
Why it matters: The material surprise is that Treasury holders gained on bond prices in October even as the Commerce Department’s initial reading put third-quarter U.S. growth at its fastest pace in more than five years. Together, those facts overturn a simple one-variable playbook in which stronger data alone accounts for the bond market’s direction.
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