The bond market rebound over the past month has fueled hopes that the worst may be over for fixed-income investors. With yields rising to more attractive levels, bonds have become increasingly appealing. Whether this renewed interest marks a timely shift back into the asset class remains to be seen, but the broader trend profile still argues for caution. The bond market, in short, has more work to do before making a compelling case that the bearish sentiment weighing on the asset class has run its course and is giving way to a sustained recovery.