Nov 24, 2023
Any investor who is currently positioned for higher long-term rates is clearly betting against consensus. According to the latest BofA Global Fund Manager Survey, two thirds of the interviewed fund managers are now expecting lower long-term rates. This is the highest percentage in 2 decades. To us, the ones shorting long-term bonds currently are either fools or geniuses seeing something the rest of us have missed. We can only recommend to stay humble and not to bet the farm on rising long term yields.