Most bond types of domestic US investment grade bonds are in up trends according to their 200-day simple moving averages. Munis are flat, but above their 200-day average. Investment grade corporates and inflation protected Treasuries are in mild 200-day down trends.
Bonds of all sorts (investment grade and junk, plus sovereign non-US developed and emerging market debt) are in short-term rally mode.
The rally may be in response to the US Treasury toxic asset purchase plan, and in hopes for the outcome of the G-20 meeting.
Higher interest rates lie ahead eventually as economic conditions improve, risk aversion decreases, and money supply expansion related inflation develops. That will be damaging to bonds. We aren’t there yet, however.
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Vanguard Total Bond Market: BND
7-10 Year US Treasuries: IEF
10-20 Year US Treasuries: TLH
Inflation Protected US Treasuries: TIP
US Agency Backed Mortgage Bonds: MBB
National Municipal Bonds: MUB
Investment Grade Corporate Bonds: LQD
Below Investment Grade (junk) Bonds: HYG
Non-US Developed Country Sovereign Debt: BWX
Emerging Country Sovereign Debt: EMB
(US Dollar Denominated)