For most of the past 20 years stock prices and bond prices tended to move in opposite directions. This made buying 10-year Treasury bonds a good hedge for investors seeking to protect their portfolio from declining stock prices. But when the Federal Reserve started raising interest rates to fight inflation in 2022, the prices of stocks and bonds fell simultaneously. This was more akin to the norm during the 1980s and 1990s when stock and bond prices tended to rise and fall in tandem. Recent research in economics has looked into the co-movement of stocks and bonds and what it indicates about the risk characteristics ... (full story)