The Bill Dudley, Morgan Stanley Treasury Row

Last year was bad for bonds. In fact, we can call 2022 anomalously poor. If you use datasets which splice together historical series to create the rough equivalent of today's 10-year Treasury, you can conjure a visual where 2022 sticks out as among the worst years in the history of the republic for US government debt. A third consecutive annual loss would be an unprecedented event (see the figure below), but as you might've heard, Bill Dudley expects more pain. "I have what might be disconcert