Bonds and defensive stocks may not have much room to run, but they’re vulnerable to a sharp decline only if interest rates lurch higher. That seems unlikely right now.
The latest economic forecasts from several of the big banks have the Bank of Canada holding its benchmark overnight rate steady for the rest of this year and either holding in 2020 or cutting mildly. Bond yields are expected to either move sideways or drift a bit higher over the next 18 months. If you play defence with your investing in the second half and you’re wrong, you’ve missed out on some gains. Aggressive investors are more vulnerable.
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