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Why aren’t Treasuries benefiting from protectionism?

Although US Treasuries might have been expected to benefit from the recent slump in the stock market, the 10-year yield has not changed much. By contrast, the 10-year German Bund yield has fallen sharply. The divergence in these yields can only be partly explained by a relative shift in expectations for monetary policy in the US and the euro-zone. Some of it has probably reflected safe-haven flows.

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