The most significant movers in November were long-dated bonds, which fell in concert around the world following Donald Trump's election as US president. His pledge to inject $1 trillion into the US economy in a massive reflationary stimulus has resulted in the dumping of government bonds, which are hurt by an increase in inflation. Rising interest rates are also detrimental to bonds - a widely predicted outcome of such reflationary policies. So US Treasury yields have increased by almost 50 basis points in absolute terms since the election, and by 14 November $1 trillion had been wiped off the value of the global bond market.
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