The past few years have been challenging for bond investors as central banks rapidly raised interest rates, which created uncertainty and volatility for both equities and particularly for long-term bonds. After decades of very low yields, the Federal Reserve embarked on a very rapid rate hiking program in March 2022, moving the Fed Funds rate from nearly zero to over 4% in just nine months. This had an impact on the bond market, and the losses have been worse for holders of long-term bonds, including: 50% declines in some 30-year US Treasuries 75% declines in a 100-year Austrian bond As losses grow, it would seem easy to give up on bonds. But if you’ve been paying attention, you may have noticed that bonds are coming back into the spotlight now that the Fed is expected to either halt or cut interest rates soon. After all, bonds perform better...