You have to ask why economists and professional investors continue to refer to government bonds as safe

and risk-free investments, relative to supposedly riskier equities.

Take the US treasury market, regarded as the safest bolt hole on the planet. 

But the return on US treasuries in 2022 was minus 17.8 per cent compared with minus 18.0 per cent on stocks in the S&P 500 index. Fractionally safer, then, to the point of meaninglessness.

FDIC estimates that unrealised losses on American banks’ securities amounted to $515.5bn at the end of March, equivalent to 23 per cent of the banks’ capital.

John Plender Financial Times 11 August 2023

https://www.ft.com/content/91f39150-9abe-4257-8d52-17520d35e534