The vast majority of bond market is not new issues. (I don't know the exact “age distribution” of bonds but that would be interesting.) If old bonds have pitif

The vast majority of bond market is not new issues. (I don't know the exact “age distribution” of bonds but that would be interesting.) If old bonds have pitiful rates compared to new issues, the pool of buyers for the old is thin and bond prices suffer. This is especially bad for those in retirement who sell bonds to fund living expenses.