Amundi, with assets under management of $2.8 trillion, has begun purchasing 2-year U.S. Treasury bonds and has closed its short positions on U.S. short-term interest rates. Portfolio manager Nicolas Dahan believes that rising oil prices to $100 per barrel and soaring financing costs increase the risk of a slowdown in the U.S. economy. As the yield on 2-year U.S. Treasury bonds rises above 4.50%, their appeal as a safe-haven asset increases. Amundi is reallocating its bond investments in the U.S., Europe, and the UK while extending the duration of its portfolio.
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Amundi Purchases 2-Year U.S. Treasury Bonds, Bets on High Oil Prices and Financing Costs Weighing on U.S. Economy
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