Return of the bear?

Interest rates


A bull run in US bonds that has lasted more than two decades may have ended on June 13. That was the day yields on US Treasuries began ratcheting back up off their 40-year lows. The sell-off in the US Treasury market in the weeks that followed caused mortgage investors to worry that the pace of mortgage refinancings would drop – extending the expected duration of their portfolios – and so triggered the one reaction bond investors feared most and understood least: mortgage investor selling.


Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here