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How Bad Was This Quarter for Bond Investors?
The benchmark bond index that we follow, Barclays U.S. Government/Credit Index, lost 2.5%, the worst quarter since 1994. In fact the quarterly result has only been worse 8 times in the past 40+ years (162 quarters). The Barclays U.S. TIPS Index had its worst quarter ever losing 7.1% (data only goes back to 1997). Markets do not