Treasury auctions signal trouble in bond markets

Investor Ray Dalio says the bond market 'is the backbone of all markets'. (Image: Getty)

Tue, 03 Jun 2025

I recently saw another column bemoaning how financial advisors talk about the bond market – the numbers, the jargon, and the maths that surrounds it. It’s considered a bit more nebulous than the equity market, where we can dive into talking about corporations and their future prospects. But as legendary investor Ray Dalio recently noted, the bond market “is the backbone of all markets”. It is the foundation, the yardstick from which the returns of all assets are determined.While NZ fixates on the minutiae of ou...

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