(Bloomberg) -- It's never been easy being a bond-market prognosticator. But while history is strewn with botched calls and embarrassing revisions, 2017 is shaping up to be particularly tricky for would-be forecasters.

Not only is there the Federal Reserve to worry about, but also a new U.S. administration struggling to enact its pro-growth policies and geopolitical risks from elections across Europe to saber rattling in North Korea.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.