Are bond markets about to pay the price for their complacency?

Following the onslaught of aggressive interventions by central banks in recent years, investors seem to have taken for granted that they will perpetually stand to support the bond market. This has developed into a situation of very low long-term yields, even negative in many cases. However, central banks currently in quantitative easing mode have begun a deep reflection on the future of this policy. Meanwhile, a movement advocating a transition to expansionary fiscal policies seems to be making its way in several developed countries. These conditions could cause investors to reassess their expectations as they relate to the forces of supply and demand in bond markets.