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Boy oh boy, bond funds are in big trouble if real rates continue to rise. Why? Upward trend in US rates + higher inflation + expensive valuations + crowded positioning = disappointment for most bond funds in Astoria’s view. US 10-year real yields have gone from 70bps to 104bps in just 5 weeks! Why are US real rates rising? Solid corporate profits and a strong US economy are 2 key drivers in our view. Source: Bloomberg, Astoria Portfolio Advisors One did not need to have an ex