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The Tell: Deutsche Bank says 35-year party is over for bond bulls

The global economy is at an “inflection point” that could mark the end of a roughly three-and-a-half-decade bond rally while creating intense heartburn for politicians and other economic policy makers, Deutsche Bank analysts said Friday in a report.

“We argue that we’re about to see a reshaping of the world order that has dictated economics, politics, policy and asset prices from around 1980 to the present day,” wrote analysts Jim Reid, Nick Burns and Sukanto Chanda in the bank’s annual long-term asset return study.

Since the early 1980s, the global economy has been dominated by globalization and massive changes in demographics, which have also helped dictate asset performance.

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