Bond Bear Market Causes Record Outflows as Yields Spike to 15-Year Highs

The rout in the fixed-income market is causing the "greatest bond bear market of all time" according to Bank of America.

The peak-to-trough loss in the 30-year US Treasury yield hit 50%.

Bond funds saw $2.5 billion in outflows last week.

30-year Treasury yields rose above 5% for the first time since 2007.

Bank of America is still bearish on risk assets due to higher interest rates leading to a hard landing.