"Bonds are saying they don't believe Fed will raise as quickly as what they (FOMC members) are saying," Hinds said.
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"The bond and equity markets are in somewhat of a tug of war, with both signaling different market views as to when rate rises could occur," said Peter Cardillo, chief market economist at Rockwell Global Capital.
The divergence trend is conspicuous in both markets and economies, with strength in the U.S. and U.K. standing in contrast to softer growth in Europe, and central bank policies on markedly differing courses as a result.
"The U.S. Federal Reserve's latest estimate of interest rates suggested a sooner-than-anticipated move away from ultralow rates. At the same time, a 'no' vote in last week's Scottish referendum cleared the way for a rate hike by the Bank of England," Russ Koesterich, global chief investment strategist at BlackRock, said in a research note.
The European Central Bank is contending with very different problems of how to expand its balance sheet and provide more monetary accommodation, while prospects for a Fed rate hike in 2015 are already having an impact in the U.S. bond market, with the short end of the Treasury curve rising along with the dollar, a scenario that has helped push commodity prices lower.
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Further evidence can be found In the U.S. stock market, where recent gains have not been universal.