The week bonds reminded everyone what they actually are

 There's a version of events where last week was just a bad week for gilts. Yields up, prices down, a few uncomfortable conversations in the diary. Move on. But that version misses something. Because what happened in UK government bonds last week - the sharpest weekly sell-off since the 2022 Mini-Budget episode, with ten-year yields pushing back up to around 4.73% - wasn't really a story about bonds at all. It was a story about how clients understand risk, what they think "safer" actually means, and whether the advice relationship is strong enough to hold when the numbers turn red. Th...