Last night in the Presidential Debate at Hofstra University, presidential candidate Donald Trump claimed that we are now in a bubble, of the Fed’s making. One can easily see from the attached slides that Mr. Trump is correct. When you examine the valuations in the bond market (on both an absolute and relative basis) and the expansion of the Fed’s balance sheet since 2009, there is no way escaping it. The bond market is indeed in a bubble. For investors who are concerned about how this bond bubble may adversely impact them, contact us to discuss how to defensively position a portfolio to avoid the risk of this bubble in the bond market.