US bonds have never been risk-free, and never will be

(Image: Getty)

Sat, 26 Apr 2025

By Allison SchragerPractically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset - it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt – and are surprised when it turns out not to be.For the last several years, the term has been used a lot to describe one of the most widely traded securities in the world: US Treasuries. The markets for 10- and 30-year government bonds experienced more...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Primary Sector

‘Good value’ for Fonterra farmer shareholders

Independent report supports Fonterra Mainland sale to Lactalis, warns on China.

Garth Bray 10:15am

The Quiz Free

QuiznessDesk, Monday, Sept 29

Can you get them all correct without cheating?

The Quizmaster 9:15am

Primary Sector

Synlait to sell North Island assets to Abbott in $307m deal

Shareholders will vote at AGM in November.

Rebecca Howard 9:00am

Synlait to sell North Island assets to Abbott in $307m deal

Sponsored

AI agents: opportunity or graveyard? Spark’s five-point playbook for success

Artificial intelligence agents – autonomous digital entities that analyse data, automate decisions, and act independently – are set to drive a new wave of business transformation.

Spark Enterprise

Sponsored