Time Is Running Out for the ‘Year of the Bond’ as Losses Mount

Bond bulls including JPMAM, HSBC reassess views and positions
But there’s no capitulation: recession a ‘when’ not an ‘if’

WATCH: “What we are seeing is this enormous volatility. So far, we are lucky that when we have overshoots it triggers some sort of reaction,” says Bloomberg Opinion columnist Mohamed El-Erian, as he discusses bond market volatility with Jonathan Ferro on “Bloomberg The Open.” His opinions are his own.Source: Bloomberg

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By Anchalee Worrachate and Liz Capo McCormick

October 15, 2023 at 8:00 PM UTC

Updated on

October 16, 2023 at 11:54 AM UTC

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The tagline from Wall Street was that 2023 was the year of the bond. Instead, fund managers are coming to terms with one of the toughest years ever.

Lacy Hunt, Hoisington Investment Management Co.’s 81-year-old chief economist, who’s been analyzing markets, Federal Reserve policy and the economy for around a half-century, says it’s been the hardest of his entire career.