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Bonds have had a staggering recovery over the past couple of months, as rapidly-ascending interest rates stopped in their tracks and started retreating. As I look at interest-sensitive charts, however, I have to wonder if the world of bonds is going to start a new leg down. Here is EMB (emerging markets bonds):
Because the FOMC has such a spotless record for predicting everything:
During this bear market, bonds and stocks have topped out at roughly the same time. The first time, bonds topped out weeks before stocks. The second time, they were identical. The third time, bonds again preceded stocks by a couple of weeks. This time, it seems to be in synch.
