A proxy for the $55 trillion U.S. bond market is on the cusp of its lowest close since 2008

A fund that mirrors the performance of the $55 trillion U.S. bond market was trading on Thursday on the cusp of its lowest close since 2008.

The ETF matters because it tracks the closely followed U.S. Bloomberg Aggregate Bond Index, the main gauge of performance for investment-grade bonds. It also is the index all fixed-income investors strive to beat each year. The Bloomberg “AGG” is composed of longer bonds, giving the index a duration of six years. Its total return was -1.4% on the year through Thursday, according to FactSet, but on pace for a -15.5% three-year return.

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