The Financial Times reports this weekend that a survey of central banks shows that a majority of them will be moving to cut their exposure to long-term debt instruments. The survey of central bank reserve managers controlling $6.7 trillion, shows that many have begun or intend to adjust their portfolios in anticipation of higher rates from the wind down. The destination for many of the banks is riskier assets, like more participation in stock markets. But a move of this size out of especially longer bonds, can spell huge turmoil in the bond market. Never in my view has the 32 or 33 years long bull market in bonds been more dangerous. It’s time to review your exposure if you still have any.