The world’s largest bond market is being whipsawed by its longest stretch of sustained volatility since the onset of the financial crisis in 2007, marking a stark break with the stability seen during the long era of historically low interest rates.
And the uncertainty that’s driving it doesn’t appear set to fade anytime soon: inflation is still running at a four-decade high, the Federal Reserve is raising interest rates aggressively, and Wall Street is struggling to gauge how well a still-resilient economy will hold up.
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