Funds, private banks dump bonds over Fed signals
In one of the worst sell-offs since the European sovereign crisis in 2011, PMs and private banks took cue from the Fed's QE exit hints to cut their bond portfolios significantly.
Portfolio managers and private banking clients were behind this week’s haphazard sell-off of Asia sovereigns and corporate bonds, caught out by the US Federal Reserve’s signals to taper off quantitative easing.
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