LOCKED Bonds: Flirting with 1966-67

Historically, most tightening cycles end in recessions as the labour market falters

One exception was 1966-67, when premature Fed easing triggered a price reacceleration

Between a dovish Fed and a Trump-induced surge in animal spirits that risk is rising again

From Treasuries to Gilts and JGBs, the technical backdrop in fixed income is vulnerable

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