The last three decades of bonds’ bull markets are over, according to experts from Goldman Sachs and Union Investment. But it’s not all bad news.
Björn Jesch, head of fund management at Union Investment, reads Goldman Sachs analyses regularly. But he met Francesco Garzarelli, head of economic research at the American finance company, for the first time in conversation with Handelsblatt. Perhaps unsurprisingly, the two experts agreed on many points, particularly in relation to bonds.
When bond prices collapsed following Donald Trump’s election, some were already declaring the end of constant growth. Now, months later, both Mr. Garzarelli and Björn Jesch say the boom days are indeed over. But the sky is not falling.