Global bonds just posted their best two month rolling return of all time. This comes in the aftermath of a Federal Reserve whom appeared to endorse market pricing of falling bond yields - which then set off the historic rally. As was seen in the final 2 months of 2023, the benefits of diversification appear to have returned to their historical norm. This, one can argue, has made asset allocation far easier and more normalized than it was in the zero interest rate world of 2009-2022.
