Lawrence Gillum | Chief Fixed Income Strategist Last Updated: October 08, 2026 The Price Is Noise. The Income Is the Return. Every time rates jump, the headlines follow the same script: bonds got hit. On a statement, they did. But that framing confuses two very different activities. Trading bonds is about where prices go next. Investing in bonds is about building a portfolio that pays you income for as long as possible. For investors, the price move is the least important num