It all sounds worryingly familiar. Mutual funds are experiencing record inflows, issuance is at record highs, prices of the securities concerned seem to be immune to bad news, and the investment banking divisions covering these popular products are going gangbusters.
This time, it’s not equities that are booming, it’s bonds. Will they crash too?
According to the Investment Company Institute (ICI) in the US, there was nearly $150 billion net new cash flow into US bond funds last year, following nearly $100 billion in 2001.
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