A historic global bond-market crash threatens the liquidation of world’s most crowded trades, says BofA

Global government-bond markets are stuck in what BofA Securities strategists are calling one of their greatest bear markets ever — which, in turn, is threatening the ease with which investors will be able to exit from the world’s most-crowded trades, if needed.

Those trades include long positions in the dollar, U.S. technology companies and private equity, said strategists Michael Hartnett, Elyas Galou, and Myung-Jee Jung. Bonds are generally regarded as one of the…

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