For Bonds, This Is Now The Second Worst Bear Market In 40 Years

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... and warns that the monetary impotence or fiscal impotence inducing bond sell-off that exceeds on annualized basis 1994, 1999, but not quite taper tantrum of 2013, may "lead to contagion, illiquidity, busts, and bankruptcies" ... which is why volatility & hedges against inflation & currency debasement set to outperform in 2021.

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