From a longer vantage, the August 2020 trough may just possibly have marked the end of a 40-year bull market in bonds. The rock-bottom 10-year yield that summer was the culmination of a decline from a peak of more than 15.8 percent in 1981. That peak occurred, not coincidentally, when Paul Volcker was the chairman of the Fed and the Consumer Price Index was rising at a 14.8 percent rate. After Mr. Volcker vanquished inflation, interest rates began their long descent. Now, along with inflation, they are rising, and that shift is hurting the price of a broad array of bonds.The 10-year Trea …
