This has been the most devastating time for bonds since at least 1926, and maybe in centuries. But, our columnist writes, much of the damage is already behind us.
Fed rate increases are causing pain now. But an inside look at the Volcker era shows that conditions were far worse when the Fed tried different tacks to tame inflation.
When inflation was soaring 40 years ago and the economy slowed, short-term investing was perilous. But people with patience and long horizons came out fine.