On September 30, 1981, when the typical Baby Boomer was about 33 years old, the 10-year Treasury yield peaked at 15.84%. For the following 34 years, bond investors enjoyed a bull market as falling rates boosted bond prices.
Last year, nearly everyone (including yours truly) expected rates to go higher from their 3% level. The headlines were filled with the risk of rising rates. But the 10-year yield actually fell, extending the bond bull market for yet another year.