Metastability: Rates In Limbo

Metastability: Rates In Limbo

Seven months ago, it looked briefly as though the four-decade bond bull might finally end. In fact, it did end by at least once measure. The Bloomberg Barclays US Long Treasury Total Return Index fell into a bear market in March. The drawdown was ~22%, the worst ever (figure below). There was palpable consternation about the potential ramifications. The decades-long "duration infatuation" in rates was on the ropes, and given the duration embedded across assets, the implications of a prolong
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