And there might be only one way to end the pain for investors in the usually-sleepy bond market: a washout in stocks.
"I don't see a next leg higher on the imminent horizon," Young recently told Yahoo Finance when asked what's next for the S&P 500. "We are in a capital constrained environment. This pullback has been rational, I don't think it's over, and multiples need to come down even further for the equity market to look rational."
"Bond bulls waiting for weak data to come to their rescue are likely, we think, to be disappointed," Barclays' Rajadhyaksha wrote. "Eventually, near-8% mortgage rates and a US long bond at almost 5% might weaken the economy considerably. But not quickly enough to help the current bond market." A stock trader rubs his eyes on the floor of the Frankfurt Stock Exchange. Bears like JPMorgan and bulls like Fundstrat remain split on what looms for markets in October, with some strategists eyeing a rebound in earnings.Ideally, you should have multiple income sources by the time you retire to remove the strain on government pensions. But you should still avoid a major CPP mistake.
-- Losses on longer-dated Treasuries are beginning to rival some of the most notorious market meltdowns in US history.
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