I penned the original post on 3/17. Why did it take this long for investors to realize that the Fed wasn’t kidding? US interest rates, particularly on the backend of the curve, have moved massively over the last two days. This move up in rates is far from done. The impact on our capital markets is just being felt. The first quarter for bonds was the worst one we’ve experienced since 1981. Total return bond programs will continue to get hurt. It is time to do something different or Pension America will suffer severe consequences.