Morgan Stanley’s Khanduja Turns Bullish on US Bonds for First Time in a Decade

The significance lies in the reversal itself: a manager who avoided duration for a decade now sees elevated yields as compensation for growth risk, and positioning above the benchmark signals conviction rather than a tactical tweak. This matters for anyone benchmarked to the Agg, since active duration bets of this kind ripple through relative performance. The open question is whether yields have genuinely peaked or whether growth data will force another rethink.