Is the Great Bond Blowout Finally Happening?


The bond market has had an early alarm call in 2018. The 10-year U.S. Treasury yield has risen to its highest since March; bond guru Bill Gross says the move confirms a bear market. In the absence of higher inflation and a clearer shift in central-bank intentions, bonds still have support, but that could erode quickly.

The move higher—to 2.59% for the 10-year Treasury yield, from 2.43% at the end of 2017—is relatively sharp after a year that was notable for how little global bond yields moved. For some, the high of 2017,…

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