NEW YORK: Ben Bernanke, the central bank chief whose massive stimulus program drove bond yields to historical lows and minted a mountain of profit for fixed-income funds along the way, is now the arch nemesis of bond mavens.
It doesn't matter whether it's a "govvies" guy focused on Treasury debt or a junk bond junkie devoted to high-yield corporate bonds. The losses inflicted across all fixed-income assets since Bernanke signaled on May 22 that the Fed could soon dial back its $85 billion a month in bond purchases have been deep: $406 billion of cumulative losses, according to Bank of America/Merrill Lynch Fixed Income Indexes data.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
