Bonds are showing a significant recovery, with the Bloomberg U.S. Agg Total Return Index ($AGG) reaching a new 52-week high, returning to levels last seen in March 2022. Bonds have been trending higher since the end of April, with the index now just 7% away from recouping all nominal losses since August 2020. Technical indicators such as rising 50-day and 200-day moving averages, and solid RSI trends, support this upward momentum. Bonds bottomed out in mid-July.