Exchange-traded funds (ETFs) that track U.S. Treasury bonds rose Monday, as worries over possible escalation of the conflict between Israel and the Palestinian group Hamas boosted demand for safe haven assets.
The iShares 20+ Year Treasury Bond ETF rose 0.9%, after falling over 4% last week, while the iShares 7-10 Year Treasury Bond ETF climbed 0.8%.
"In times of geopolitical tension, it is usual to see a flight to safety so we may be seeing some signs that demand for Treasury bonds is picking up," said Laith Khalaf, head of investment analysis at AJ Bell. The conflict in the Middle East comes at a time when bond yields around the world are at multi-year highs on fears that central banks will keep interest rates elevated for longer.
"The rally in bonds could break the 'short the bond market' fervor that has gripped the rates market for the past month, post-Sept FOMC," said Tom Lee, head of research at Fundstrat, in a note.
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