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Peace To War, Bonds To Commodities
Bonds. Where to from here?
US Treasurys are on track for a second straight annual gain, but you'll kindly recall that 2023 was a close call. Late last summer, a brutal long-end selloff put US debt on track for a third consecutive decline.
Had the losses held, it would've been the first time in the short history of the republic that 10-year US debt or its "ancient" equivalent delivered losses to investors for three years in succession. But they didn't. 2023's late-summer losses didn't hold, and
