PUNDITS HAVE BEEN warning for more than three years that the bond market is a ticking time bomb. But anyone who deserted bonds for the safety of cash back in 2010 has been sorely disappointed, as investment-grade bonds have returned nearly 20% since then, vs. 0.20% for money-market funds. While most analysts expect interest rates to climb from today's depressed levels - they've already inched up about half a percentage point since last summer - no one knows how far they'll rise and how long that will take. And even though bonds could face difficult times ahead, bailing out may lead to more problems than staying put.
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