Almost everything has lined up for bonds lately.The Federal Reserve has been cutting interest rates. Jobs growth and consumer spending are slowing, keeping hopes for further cuts alive, but not pointing to an imminent recession that would threaten corporate balance sheets. Inflation pressure has continued to moderate, despite fears that President Trump’s tariffs will drive prices higher.The widely tracked Bloomberg U.S. Aggregate Bond Index has returned around 6.7% in 2025, accounting for price changes and interest payments. That puts it on pace for the best year since 2020.Bonds had regained...

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