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A Bank of America strategist said the U.S. government won’t let the long bond yield more than 5%, so it’s the best hedge when markets are in a so-called risk-off mood that they are now experiencing.
The chief investment strategist for Bank of America Securities, Michael Hartnett, made his contrarian call on the long bond when the yield was hovering around 5% last summer. Despite flirting with that level on a few occasions, the crucial 5% mark has held for the 30-year Treasury BX:TMUBMUSD30Y, which was yielding 4.71% on Friday.
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