A sharp and sudden fall in bond yields on Tuesday night on Wall Street has raised hopes that the recent run-up in rates might be coming to an end, amid a suddenly dovish turn by a small army of Federal Reserve officials.
“The bond market, simply through supply and demand, is going to deliver more rate hikes because we don’t have a clearing price yet for long-term debt,” Jones told CNBC. “So, those rate hikes are probably going to tip us into recession.” Again, time will tell. But the billionaire’s point that equities look risky is well made, and perhaps explains why sharemarket volumes have been light for some time, both here and abroad.
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