October capped their worst 12-month period ever, and the economy is under pressure. Yet the fundamental math of bond returns bodes well for 2023, our columnist says.
This has been the most devastating time for bonds since at least 1926, and maybe in centuries. But, our columnist writes, much of the damage is already behind us.
The first couple lines of the iconic 1960s song “Nowhere to Run” best describes the difficult atmosphere of the bond markets in the first half of this year.