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The $14 trillion bond market has caught Wall Street off guard

“And on Thursday, the European Central Bank’s meeting minutes suggested the bank, too, was swaying towards slowing its bond purchases” writes Akin Oyedele for This week, foreign central banks showed their continued appetite for US Treasuries during an auction for 10-year notes.The $14 trillion market for US government debt heard a number of loud warning shots this week.Beyond what central banks are doing, interest rates are also driven by inflation expectations.It didn’t signal the end of the three-decade bull market in bonds, according to Jeff Gundlach, the founder of DoubleLine Capital.

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