The near-record lows now prevailing for sovereign bond yields reflect persistent anxiety about the outlook for growth around the world. Yet the global economy continues to expand — and inflation remains muted in the world’s largest economies. As a result, U.S. Treasuries — widely viewed as the ultimate safe haven — could entail greater embedded risks than many realize...
Legg Mason , September 2016
 Note: The Barclays U.S. Aggregate Bond Index focuses on large, liquid, fixed-rate investment-grade issues, which have had historically low yields and longer-than-average duration in recent years. That means less income to offset the future impact of rising interest rates (interest rate risk) on bond prices. Treasuries and mortgage-backed securities represent a bigger share of index than before 2008 crisis. The index excludes approximately 65% of the investable fixed-income universe including inflation-linked, below-investment-grade, floating-rate and non-U.S. securities.
 2 Bloomberg, June 2016
The recently theorised phenomenon of "disruption" is defined as a process whereby a product, a service or a solution disrupts the rules on an already established market. Technological progress, along with the globalisation of trade and demographic changes are now helping to (...)