At the end of June, bond markets were flashing red. The Ice BofA Move Index, which measures volatility in bond markets, had shot up 53% since the start of the year. Stubborn inflation readings, weakening consumer sentiment, Russia’s invasion of Ukraine and rocketing commodity prices all weighed on the US economy. A widely used Treasury market indicator was pointing towards recession.
Predictably, one of the US’s riskiest asset classes bore the brunt of the panic as investors dashed for the
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