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Bonds are no longer the safe option
美债不再是安全之选

In 2023, US equities have wiped the floor relative to the government IOUs
普伦德:自硅谷银行等倒闭以来,美国一直存在一种虚假的太平。假如通胀一直挥之不去,债券市场造成金融不稳定的能力就耐人寻味了。

Bond investors have been on the rack in recent days and weeks. So much so that you have to ask why economists and professional investors continue to refer to government bonds as safe and risk-free investments, relative to supposedly riskier equities.The charge against these government IOUs is pretty damning. Take the US treasury market, regarded as the safest bolt hole on the planet. But the return on US treasuries in 2022 was minus 17.8 per cent compared with minus 18.0 per cent on stocks in the S&P 500 index. Fractionally safer, then, to the point of meaninglessness. Clearly bonds offered no diversification relative to equities.

最近一段时日,债券投资人感到很焦虑,以至于你不得不问,为什么manbetx20客户端下载 学家和职业投资人还继续把政府债券说成是安全、无风险的资产——相对于按理风险更高的股票而言。

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