Bond markets

Treasury selloff is more about the Fed than the trade deal

Treasury Department logo outside of the building
Photo: Alastair Pike/AFP/Getty Images

The U.S. bond market was closed on Monday to commemorate Veterans Day, pausing a massive selloff in U.S. Treasuries that has taken yields on the benchmark 10-year Treasury note to their highest level since the start of August.

Why it matters: The Treasury market has provided a more accurate reflection of U.S. economic data so far this year, and rising yields show safe-haven bonds are losing their appeal.

Greece's incredible bond rally

A Greek statue holding a dollar sign.
Illustration: Sarah Grillo/Axios

The S&P 500 has enjoyed a strong year and equities around the globe have delivered solid returns, but every one of the world's major stock markets has underperformed 2019's grand champ: Greek government debt.

Why it matters: Long-dated Greek sovereign bonds have been one of the best-performing assets in the world in 2019, having delivered returns more than double the S&P 500 through Tuesday.