A number of fund managers have indicated that a 3% yield on the ten-year yield is where they would increase treasury positions. Even if this is the case, they are highly dependent on asset flows since they are sitting on historically low levels of cash. Meanwhile, the $2 Trillion of fixed-income fund inflows is in jeopardy of reversing. After all, fund flows tend to mimic performance, and fixed-income performance over the last year has been less than robust.
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