The performance failure of bond funds is mainly due to the credit default of bond subjects, and frequent credit default events make some fund companies miserable. However, since the beginning of this year, the credit bond market risks have not gathered on a large scale, and governments all over the world are actively releasing liquidity.

According to the data, from April 29th to May 2nd, the yield to maturity of 10-year treasury bonds rose from 2.48% to 2.67%, which was nearly 20 BP in just seven trading days. For a time, people have to feel whether the bond market will turn from a bull market to a bear market.

Extended data

Since bond funds are not products that guarantee capital and income, it is normal to have negative income. In addition to the daily interest price, the bond target invested by bond funds also includes the net price of bonds, which is similar to the stock price in the secondary market and fluctuates every day. There are many factors that affect the net price, such as market interest rate, issuer's credit risk, market supply and demand, etc. Once the net price drops more than the daily interest price, the full price of the bond on that day will be negative.

To judge whether the bond market is bullish or bearish, we should focus on fundamentals and policies. Historical experience also shows that the inflection point of bond market is generally close to the inflection point of monetary policy. The adjustment of the bond market is supported by fundamental factors. After all, the economy has passed the lowest stage, and monetary policy has also passed the most relaxed stage (the highest frequency of easing).

People's Daily Online-Over 80% debt-based income loss. Is the bond bull market over?