The Bond Market's $900 Billion Problem

Analysts worry about what happens when the gift of easy money goes away for good.

It’s never been easier for individuals to enter some of the most esoteric debt markets. Wall Street’s biggest firms are worried that it’ll be just as simple for them to leave.

Investors have piled more than $900 billion into taxable bond funds since the 2008 financial crisis, buying stock-like shares of mutual- and exchange-traded funds to gain access to infrequently traded markets. This flood of cash has helped cause prices to surge and yields to plunge.

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