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The Spark

Stock swings are no match for bond boom

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People complaining about how risky the stock market is ought to take a look at the so-called safety of today's bond market.

An aging population, an institutional aversion to the volatility of stocks (which are often said to already be trading at "fully valued" levels), and the persistent bearishness of most investors on the "macro" economy have all combined since the 2007-08 financial crisis to push a global wave of money that otherwise might purchase stocks into bonds instead.