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Bond markets: Growing ever more bizarre

Heard on the Street: Bonds are traditionally viewed as a haven, but the new world of bonds has never looked more risky

Central banks have always been able to make waves in markets. But never have they had such far-reaching effects, nor so quickly. The world of bonds is being turned upside down as a result.

Monetary policy traditionally has involved adjusting a short-term rate of interest that can then, over time, affect the structure of long-term rates that are set by markets. But central banks' bond purchases and ultra-low interest rates mean that distortions are rife.

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