US government debt has been hit with the most serious bout of volatility since the pandemic-fuelled ructions of early 2020, making it more difficult for investors to transact in the world’s most important bond market.
An Ice Data Services index tracking volatility in Treasuries hit its highest point this week in almost two years, as investors weighed tensions on the Russia-Ukraine border with signs of persistently high inflation and the prospect of the US Federal Reserve moving to rapidly tighten monetary policy.
“Every morsel of commentary from a Fed speaker or piece of data does have a fairly outsized impact,” said Michael de Pass, head of Treasury trading at Citadel Securities, one of the biggest US market makers.
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