🚨 🚨 Bond Investing—The Barbell Approach: The middle of the yield curve appears to have priced in expectations of future rate declines more fully than the rest of the curve. If interest rates don’t fall, these bonds could be subject to “roll-ups.” That’s where prices gently decline as bonds age to match the higher yields that are available now on shorter issues. To reduce that roll-up potential, we recommend a barbell approach focused on bonds shorter than two years and longer than 10
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