1981 to ??? Bond Bull Market
The period from 1981 to 2016/2018 can generally be classified as a bond bull market (rates went down and prices went up)
- Started in 1981 when Treasury Yields were 15%
- Concerns that the bond bull market are over as of 2016 - 2018 (still tbd)
- 11.9 Trillion of negative yielding debt may mark the top in 2016
- Many have warned that the bull market ended many times during this period, but it came back to life
- The bull market was spurred on from 2008 onwards with quantitative easing and fed interest rate polices
- There were short-term pullbacks in bond prices during this time (examples)
- late 2010 -- early 2011
- early -- late 2013