The US bond market may be entering a new era of persistent pressure, with Jefferies’ global head of equity strategy, Chris Wood, warning that long-term Treasury bonds remain in a “structural bear market” even as Washington steps up efforts to control yields.
The US 10-year Treasury yield stood at 4.77%, just above Treasury Secretary Scott Bessent’s perceived 4.75% “line in the sand”, according to Jefferies’ latest GREED & fear note. The report argues that attempts to suppress long-term borrowing costs could ultimately weaken the dollar, thereby strengthening the case for gold and gold-mining stocks.
