Not so fast. With inflation elevated, there will not be another rampaging bull market by and by. But bond specialists wager that select parts of the bond universe will level off or recover somewhat. Jason Brady, CEO of Thornburg Investment Management, says he is starting to grab at interest-rate-sensitive IOUs. “I can buy solid investment-grade credit at 4% that not long ago was 1%,” he reasons. Megan Horneman, chief investment officer of Verdance Capital, says, “I don’t think we’ll take these types of losses in subsequent quarters.” She says bonds remain “challenged,” but urges investors to “remember why you buy fixed income.”
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