YOU can almost feel the frustration starting to boil over in the world’s biggest bond market.
First, it was the risk of an unpredictable US election that scared traders away from pushing for a breakout higher in US Treasury yields.
But once it became clear that Joe Biden would be the next president, and Pfizer Inc unveiled a vaccine that was heralded as the most promising scientific advance in the fight against Covid-19, it seemed as if the benchmark 10-year yield was destined to reach 1% for the first time since March.