Looking ahead to a brighter future

This is turning out to be another difficult year for bond investors. In the government markets, we have been faced with inverted yield curves, tough competition from rising interest rates on cash, and a miserable trickle of new stock supply. There has been nothing to arouse the interest, let alone the excitement, of individual investors or asset allocators. It would appear the sooner the year is over and the underperformance relative to cash slips away into the historic record, the better for all concerned. On the corporate credit side, circumstances have likewise been less than supportive...