The biggest exchange-traded fund tracking long-dated Treasuries swung violently in 2024 before finishing deeply in the red. Commodities rode the hopes and dreams of Chinese stimulus, up and down. Gains were even squeezed in the safest credits, where spiking yields pushed BlackRock’s US$30 billion ($40.76 billion) investment-grade ETF to its worst fourth quarter in eight years.
For all the Trump Trade triumphalism and hysteria for AI, it’s been a tough year to make money across markets. Now even the trade that powered US stocks is starting to show signs of wavering.
A fickle US Federal Reserve and inflation’s refusal to go quietly has been a recipe for cross-asset malaise.
