For many of the most seasoned professionals in the bond market, it feels like the end of an era.
After a boom that has lasted at least three decades, the warning signs are everywhere. The highest levels of inflation in a generation and rising interest rates mean that yields are increasing, so bond investors can no longer assume the value of their holdings will automatically increase year on year.
Investors have pulled a combined $100bn out of US bond mutual funds and exchange traded funds this year, according to the Investment Company Institute. If the trend continues, it would be the first year of negative flows since 2013.
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