For months, investors had shrugged off the threat of rising interest rates. That changed this week.
After triggering the great financial crash more than a decade ago through high-risk bets on housing loans, banks are now shooting back up the list of investor worries.
In February, U.S. regulators said U.S. banks had unrealised losses of more than $620 billion on securities, underscoring the scale of the risks.Banks are not required to immediately recognise paper losses on a bond, allowing some of these risks to slumber on their books. U.S. benchmark 10-year yields surged by more than 200 basis points last year and almost 40 bps in February alone on renewed rate-hike bets.
Geoffrey Yu, senior EMEA market strategist at BNY Mellon, said investors could "take heart" from signs that the financial system has taken global rate hikes in its stride.
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