The 40-year bond bull market - a slow-inflating bubble like any other to some people - has crashed. Bank of America chart on survey of global funds' bond positioningBond Multiverse Returns Flip Positive2008... OR 2000? Of course, bond bubbles and bursts - at least for top-rated sovereigns - are not same as their equity counterparts, even if the short-term performance of bond funds seems to ape them. But for bond funds praying for a shorter-term price performance pickup, the situation looks nervier. With such an ephemeral variable at work, picking a durable turn in the battered bond market may prove fiendishly difficult.

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Persons: Jason Lee, That's, Fed's, Olivier Davanne, midyear, Davanne, Mike Dolan Organizations: Hong, REUTERS, Treasury, U.S, Bank of America's, Federal Reserve, of America, Bloomberg, Invest, Reuters, Thomson Locations: Hong Kong, Paris