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Global bonds surge in biggest monthly gain since 2008 crisis

Global bonds are witnessing their largest monthly gain since 2008, driven by speculation that major central banks, including the Federal Reserve, are nearing the end of their rate-hiking cycles. November saw a 4.9% rise, bolstered by dovish comments from Fed Governor Christopher Waller. This surge marks a turnaround in a volatile year for bonds, with the Bloomberg Global Aggregate Total Return index recovering from a 3.8% decline to a 1.4% increase in 2023. U.S. Treasury yields have fallen, and Australian bonds rallied following weak inflation data. Corporate bonds also improved, with narrowed spreads and lowered yields. However, there’s a disconnect between credit investors’ optimism and rate traders’ more cautious outlook, awaiting further guidance from the Federal Reserve.


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