It is hard to think about the losses in the bond market given the inverse relationship between price and yield. Rates go up which is good for new money entering the bond market, but you also must think about the losses on existing holdings. The drawdown in nominal is the worst we have ever seen. The 70's and 80's look like calm times by comparison.
The real max drawdown was worst in the 70's but we are approaching similar levels. Someone is taking a big hit in the bond market.
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