Last month, when the U.S. began military strikes on Iran, markets delivered a reminder that the old playbooks do not always apply.
Equities sold off. Oil surged higher. And U.S. Treasuries, historically one of the market’s go-to safe havens during geopolitical stress, declined as yields moved sharply upward.
The 10-year Treasury yield moved from roughly 4.0% toward 4.3%, after already pressing near 4.5% earlier in the year before retracing.
Bonds have historically been one of the most important return drivers for managed futures and trend-following strategies.
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Our own Jeff Malec went solo on the Derivative last week, dishing on all sorts of topics from ski races to conferences. But one topic caught our eye in particular: talking bonds.
