Bonds aren't likely to yield much over the next 12 months.
Bonds are being whipsawed by inflation, the pandemic and changing investor sentiment.
The seemingly mistimed bets came amid convulsions in the bond market.
Federal Reserve Chair Jerome Powell said he won't entertain interest-rate increases until the labor market heals further.
Money markets are betting the Fed will raise interest rates by around 17 basis points by June.
The Credit Suisse Fear Barometer is popping, nearing an all-time high this week.