The Templeton Global Bond Fund (TPINX) invests in government and agency bonds from both developed and emerging economies.

FORBES: Trade Currencies Like Soros

Cutwater only has about 10% of client assets in Treasuries, and that includes some accounts like municipalities that can only invest in government or agency bonds.

FORBES: Surprise! Junk Debt Is Coming Back Into Style

Indeed, spotting mispriced securities seems to be the financial world's latest parlour game: Royal Bank of Canada was this week forced on to the back foot after one of its traders told a newspaper that it had mismarked government-agency and corporate bonds.

ECONOMIST: If so, who is the Titanic?

No matter how much Barack Obama huffs and puffs, a ratings agency's job is to rate bonds, including government ones, and to speak out when it thinks the least risky asset in the world has become riskier.

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Ironically, the turning-point came earlier this year, when it was suggested that, as the supply of Treasury bonds dwindles thanks to the federal government's surplus, mortgage-agency debt could replace them as the benchmark used for pricing other fixed-income securities.

ECONOMIST: Homesick blues