Better work from Chris Joye this week on bonds as he abandons the worst of his arguments about the benefits of floating rates. However, his main purpose seems to be to distract from his prior poor arguments and so he builds an irrelevant straw man and then demolishes said straw man.
In his original piece, that we pointed out was nonsense, Chris claimed that floating rate bonds could cure all evils, illustrated by looking at their benefits and then ignoring the weaknesses.
This week, Chris builds a straw man that fixed rate bonds must have a negative correlation to be of any use and then shows that they have a zero correlation.