Editor
The bond market has had a lousy year. And no one holds more bonds than central banks, which have amassed a fixed income portfolio worth well north of $30tn over the past decade. But do their mounting losses actually matter?
Yes and no. Central banks are obviously pretty unique institutions. On one hand they have a balance sheet and a P&L like anyone else, and right now they’re not looking great.
Toby Nangle estimates the
