Volatility buying back in vogue at big funds

Financial-market volatility has awakened from its doldrums. It only took the Federal Reserve considering reducing its balance sheet, geopolitical tensions flaring in North Korea and Syria, and a new contender emerging in the French presidential election to make it happen. Some of the world’s biggest bond managers have been waiting for this moment. Rather than ponder the sustainability of the reflation trade and its implication for yields, investors including Rick Rieder at BlackRock Inc. and Bob...

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