And I do mean long term… This chart from Schmelzing, https://bankunderground.co.uk/2017/01/04/venetians-volcker-and-value-at-risk-8-centuries-of-bond-market-reversals/, goes back almost 800 years!
From Schmelzing: “Looking back over eight centuries of data, I find that the 2016 bull market was indeed one of the largest ever recorded. History suggests this reversal will be driven by inflation fundamentals, and leave investors worse off than the 1994 “bond massacre”.”
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