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Perspective

Is It Time to Pick Up the Pieces After Last Year’s Bond Market Storm?

January 30, 2023


January 30, 2023


There may well be more bond market volatility ahead, but higher yields and deeply discounted bond prices could present investors with good opportunities. Here’s a look at what went wrong in 2022, what could go right in 2023, and what to do about it.

It Was Going to Storm . . . Eventually

By historical standards, bonds were a debacle in 2022. Instead of holding up as stocks fell, almost every type of bond—from government to junk—posted double-digit losses. The Morningstar US Core Plus Bond Index fell 12.9%.

The fiasco was not entirely unforeseeable. Even if it would have been hard to predict the confluence of a global supply chain coronavirus hangover with Russia’s invasion of Ukraine, many bond managers had long worried about the possibility of a stagflation-driven recession scare and a bond market rout.

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