Liz Capo McCormick

Just because the Federal Reserve is about to raise interest rates, don’t expect savers to benefit.

The boom in fixed-income derivatives trading is exposing a hidden risk in debt markets around the world: the inability of investors to buy and sell bonds.

As the U.S. bond market suffers its worst rout since 2009, the gauge that historically signals more pain for fixed-income investors is instead suggesting yields are near their peak.