Even though the Federal Reserve continued aggressively raising short-term interest rates during the fourth quarter, longer-term, high-grade bond yields were mostly stable, and buyers in credit-sensitive sectors demanded less yield for their risks. As a result, all the major fixed-income Morningstar Categories rallied during the last three months of 2022, but not enough to erase the painful losses the year’s first three quarters.
Read the full story here: https://www.morningstar.com/articles/1131298/q4-rally-is-cold-comfort-for-battered-bond-fund-investors
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