Thanks for the link! My take from that is the bubble is even worse than I thought. I didn’t realize the capital appreciation part and how sensitive long term notes are to rate changes. It seems to more or less work on the greater fool theory between central banks and investors. The intrinsic value held within the bonds is not there and where is the stopping point on the negative side? There’s a discrepancy between Central banks lower rates and bid up bonds through QE so bonds rates are continually on the decline and investors use that rate lowering for returns when bonds appreciating in value.

The amount of compounding leverage here between all parties would mean the system would implode if bonds went the other way for a longer duration. Maybe this threat of implosion only further accelerates lowering of rates as there is no alternative and even systemic deflation risk.