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NEW YORK, Oct 24 - Several of Wall Street's biggest names are calling a top on longer-dated Treasury yields, after yields on the benchmark 10-year note briefly rose above 5% earlier this week to hit their highest level since 2007.
Others forecasting a peak in yields include billionaire investor Bill Ackman, who posted on Monday that his hedge fund, Pershing Square Capital Management, had covered its bet against 30-year Treasuries. Vanguard, the world's second-largest asset manager, also said that it is bullish on long-term Treasuries after a “cruel summer” for bond investors.
Higher rates “will exert downward pressure on growth and inflation over our six to 12-month tactical horizon,” the UBS strategists wrote. “Lower growth and inflation in turn should allow yields to fall.”
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