The more central banks mess around with global bond markets, themore you have to question how you invest in bonds.

Think safe-haven debt, such as U.S. Treasuries, will provide ahedge against losses on stocks? Not always. Or that central bankersreally have control over borrowing costs? Or that you ought to getpaid to lend money to Germany, Switzerland, France, and Belgium?Nope, on both counts.

The latest market turmoil is underscoring the difficulties ofrelying on conventional wisdom at a time when bond markets aredominated by the trades of Chinese, European, and U.S.policymakers. While stocks globally just underwent a plunge thateliminated US$5 trillion of value in less than two weeks, bondsacted in some surprising ways.

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