Winds of Change in the Fixed-Income Markets


We remember an exchange we had with a former bond trader whose equity account we handled in the early 1970’s. One day he called from Retirement Village, Fla. and asked where the bond market was. We told him the 30-year was up three-eighths of a point. He said, "Baloney, the long bond hasn’t moved three-eighths of a point in 30 years, let alone in one day!"

Well, he’d be baffled by the winds of change that have swept through this once sleepy side of the business over the past several years--no