Dollars rushing home

Goldman-Sachs: "As readers familiar with our analytical approach know, a large part of the fluctuations of long-dated government bond yields reflects global factors," Garzarelli wrote in a note to clients. "Accounting for these, bonds are expensive across the board, but especially so in the US."
This has little to do with the US itself, however, according to Garzarelli. Instead, the rest of the world is making the market so expensive.
"The statistics we run suggest that US macro information has been pushing bond yields marginally up in recent months," wrote Garzarelli in a note to clients on Monday. "These bond bearish domestic forces, however, have been completely overrun by global forces."