2356 GMT - The worst of the sell-off in government bonds globally may be over, says RJ Gallo, chief investment officer for global fixed income at Federated Hermes. The answer to the question lies in whether current U.S. Treasury valuation fully prices in the variables driving the selling. It seems the answer may be yes. Treasury yields have cheapened enough and the worst is over. Still, bond dealers loath to assertively call the bottom. The uncertainty and the risk that the Federal Reserve may hike well more than expected to establish a restrictive monetary stance keep investors cautious, he says.
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