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For decades, we have relied upon bonds as a steady source of income, cash flows, and capital preservation. This is no longer true and has not been true for some time now.
In my estimation, there is just no worth in the bond markets any longer, whether you consider “Absolute Value” or “Relative Value.” Central banks have rigged the game to their governments' advantage and to the disadvantage of investors.
You have to pivot from bonds to funds to get yields and cash flows.