Amundi Buys Two-Year US Treasuries to Hedge Growth Slowdown Risk

Amundi's move is a notable example of a major asset manager positioning for a growth slowdown rather than an inflation fight, treating energy-driven price pressure as a drag on demand rather than a reason for the Fed to stay hawkish. That puts it at odds with the rate-hike bets that pushed two-year yields above 4.50%, making the front end of the curve a live battleground between those two views. Whether energy costs actually dent US resilience, and whether the Fed validates either side, is the open question.