Broad Declines Drag Bonds Into Rare Bear Market

to fight inflation, even at the expense of economic growth. That has slammed government bonds too.

Normally, investors rely on bonds to be safer than stocks. But in the past 12 months, owning bond funds has been more damaging than owning the S&P 500. TheFederal Reserve Chairman Jerome Powell, speaking at the Kansas City Fed’s recent symposium in Wyoming, said the central bank must continue raising rates until it is confident inflation is under control. Photo: Jim Urquhart/Reuters

So far in 2022, the extra yield investors charge to hold company bonds instead of ultrasafe government debt—known as the spread—has risen alongside Treasury yields in 16 out of the year’s 35 weeks to date. With 17 weeks to go, that is already far more than in any full year going back at least two decades.

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