What a year it has been for the bond markets. Last year proved to be a volatile, but this year the bond markets are having an incredible run. In fact, the S&P US Treasury Bond 20 Year Total Return Index is near all-time highs in price while yields have fallen sharply. Because of the large magnitude of movement in prices and yields year to date, we thought it would be worth discussing a few of the risks we are monitoring for you at AlphaCore. Namely, interest rate risks, and the extreme richness we see in bond valuations today.