The cost of dodging negative interest rates.
“Liquidity issues at bond mutual funds could result in wider contagion and affect other parts of the financial system and the macro economy.”
They sound conservative in marketing materials, but they pack special risks & surprises in a downturn that can entail a catastrophic loss for investors.
“Calamitous trading losses have eliminated” that “dumping ground.”
“It’s contained – until suddenly it isn’t.”