Some simple bond math: rising rates means lower prices. Holders of rate products, once they anticipate that future prices will fall, sell today to minimize losses. So the question: when the selling of the world's debt begins (and accelerates), especially with everyone urged by central bankers to shun bonds and go for "undervalued [3]" stocks, who buys? We ask because, as the chart below shows, there is quite a bit to sell...
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Source: JPM