No One Remembers When Bonds Went Truly Bad

Job seekers speak with employers at the Veterans on Wall Street job fair in New York Photograph by Scott Eells/Bloomberg

All this consternation and kvetching—“headline risk,” traders call it—over a comeuppance in the bond market. Makes you wonder if investors and Wall Street, with its battalions of freshly hatched MBAs, have enough of a frame of reference for when a bond bear last truly happened: in 1994.

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