Don't Fear the Bond Reaper

Global bonds are finishing up their worst monthly performance in six years, which is remarkable after many months of hefty, steady gains.Even more remarkable is that no one can really come up with a definitive narrative for why the market has turned to a losing streak, culminating in a 3 percent loss for October. The Wall Street Journal painted the latest dip as overdue, a relief to many investors who've been patiently waiting for just such a selloff. A Bloomberg story attributed to the rout to questions about the efficacy of central-bank stimulus.