US bond’s worst quarter in more than 40 years has come to a close. The question for many investors now is whether it is time to buy the biggest dip in recent memory.

The Bloomberg US aggregate bond index largely US Treasuries highly rated corporate bonds and mortgage-backed securities returned minus 6% in 2022 through Wednesday on track for the biggest quarterly loss since 1980. Yields on short to medium-term treasuries which rise when their prices fall have logged their biggest quarterly gains in decades.

With the two-year yield rising the most since 1984, and the five-year yield the most since 1987. Before the performance of bonds has robbed investors of the traditional Haven at a time when stocks and many other markets have been swinging sharply thanks to factors including the Federal Reserve’s first interest rate increase since 2018, and the war in Ukraine.

Yields on treasuries largely reflect expectations for what short-term interest rates will average over the life of a given bond. Investors dramatically increased those expectations over the past three months driving bond prices down and yield up thanks to a run of high inflation readings and FED officials sounding ever more concerned about that data.