Fear Isn’t the Only Driver of the Treasury Rally: Banks Need to Hedge Their Mortgages

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    Fear Isn’t the Only Driver of the Treasury Rally: Banks Need to Hedge Their Mortgages

    A major driver of the roaring 2020 bond-market rally is the insatiable demand of major U.S. banks whose hedging needs have risen with each fresh decline in rates.
    Thanks to this years bond rally, banks need to buy around $1.2 trillion of 10-year Treasury bon…
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