Financial Times – 6/7/13
“We are definitely worried that the market is in a cycle where selling of bonds begets more selling,” said Steven Boyd, principal at Halyard Asset Management.
The hefty outflows illustrate the anxiety of investors ahead of the May employment report due on Friday. The Federal Reserve has indicated that its suppression of interest rates under quantitative easing depends on the tone of economic data, led by the monthly jobs figures.
“‘The jobs report will be a harbinger for how bonds trade during the rest of the month,” said Mr Boyd.