Is this the end of the bull market in bonds?

The 23yr bull market in bonds may be over. The result could be disastrous for many investors. Here's what to expect.

"Bond markets" these words send shudders through most investors' brains. Bond-market specialists are a breed apart: experts in something dry, mysterious and complex. Most private investors prefer not to go near them. Even professional investors become too wrapped up in their own markets to spare bonds more than a passing thought. But that's a serious mistake. The bond market runs everything. Its workings may be obscure, but its movements determine everything that happens in other markets. The bond market is the pied piper, the rest of the world's markets are merely the rats. And right now, with markets in turmoil, it's a crucial time to check what tune the piper is playing.

Bond markets: indicators of future trends

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James Ferguson qualified with an MA (Hons) in economics from Edinburgh University in 1985. For the last 21 years he has had a high-powered career in institutional stock broking, specialising in equities, working for Nomura, Robert Fleming, SBC Warburg, Dresdner Kleinwort Wasserstein and Mitsubishi Securities.