Are Bonds Dead . . . Again?

April 22, 2022 — The last six months have been historically painful for fixed income investors. This has many investors questioning how we got here. As we reflect on how this played out, it’s possible to piece together the cause. Unprecedented policy that drove rates to historic lows, overstimulating the post-pandemic recovery; supply chain problems exacerbated by geopolitical events; the resulting ‘perfect storm’ for spicy inflation; and policymakers staying at the party a few dances too long. While it’s important to understand how we got here, the more challenging question for fixed income investors is ‘what now?’