2024-01-14 08:50:36
James Mazeau economist, Chief Investment Office (CIO), UBS Global Wealth Management Published on January 14, 2024 at 09:50. / Modified on January 14, 2024 at 09:51.
Until a few months ago, the yield to maturity on ten-year US Treasury bonds hovered around 5%. In the space of two months, it fell back below 4%. In Switzerland, the yield on ten-year Confederation bonds fell to 0.8%, following reaching 1.2% in the fall.
As the fall in yields to maturity implies an increase in bond prices, bond investors were able to benefit from good performances in 2023. The ten-year Confederation bonds thus generated a total return of around 10%. Several factors explain this sudden drop in bond yields.
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