The writer is senior economist at Pictet Asset Management Pity the poor bond investor.
After suffering devastating double-digit losses in 2022, the fixed income market remains more fragile than at any point since the subprime mortgage crisis. The Move index — a closely tracked gauge of bonds’ price volatility — recently hit its highest levels in almost 15 years.
More worrying still is that the instability has been especially pronounced in US Treasuries, the barometer for world debt markets.
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