Mnuchin, Dalio Raise the Stakes for Treasuries Before ECB Meets
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A few hours in Davos just complicated things for bond traders betting central-bank policy shifts will drive Treasury yields higher.
First, Treasury Secretary Steven Mnuchin endorsed a weaker dollar on Wednesday, driving the euro to the strongest level versus the greenback since 2014. Then, hedge-fund manager Ray Dalio raised the specter of the most punishing bond bear market since the early 1980s, helping push U.S. yields back near three-year highs set this month.