Business Insider : 1994 Fed Tightening

Having joined the market 6 months after the crash of 1987, 1994 was my first experience of a serious bond bear market. Let me tell you, if you are not mentally the right way round, it's like a marathon torture session - the pain just goes on and on and on ...

At the time, I had just taken over running the ITL, ECU and GBP MM books in UBS and had no clue how correlations go to 1 when complacent markets panic. Boy did I suffer that year.

Nice review of 1994 Fed tightening here.