The Bond Market Is Changing Fast. Investors Need a New Playbook.

As interest rates rise, bonds are becoming a drag on investment portfolios. There is no quick fix for the problems bedeviling the bond market, whether persistent inflation, rising government debt, or the torrent of issuance by corporate borrowers that threatens to crowd out demand for U.S. Treasuries. “We are in a different environment now,” says Andrew Briggs, director of portfolio management at Plaza Advisory Group.