Betting that government bond yields will rise is the trade that keeps on giving – giving pain, that is. With the U.S. Treasury market signaling that the world’s biggest economy may be heading into a recession, investors are once again paying for the privilege of owning the benchmark German bond. Remember in April 2015 when fixed-income guru Bill Gross said he’d spied “the short of a lifetime” by betting against German debt? Since then, the trend has been far from a hedge fund manager’s friend.