Many fund managers and more savvy investors here have been dumping (and even taking some short positions against) US treasury debt instruments for several years. Once rates start going up, they are going to get hit hardest - especially the longer term govt bonds.And as we get further and further in the hole, I wouldn't be shocked to eventually see our debt become "high yield" debt.
Bonds can only be considered "high yield" if they actually pay a high yield, otherwise they're worthless junk.The only people who get rich on junk bonds are the crooks who sell them.