Great 2020s Bond Bear Makes History

History. You're witnessing it. You witness history by default, every day, but when we carry on about bearing witness, we generally mean something extraordinary's afoot. Currently, in markets, that something's the first-ever rolling 10-year loss for longer-dated US government obligations, or the first such loss in a century anyway. The figure below, from BofA's Michael Hartnett, gives you a sense of the toll exacted by the post-pandemic bond bear, which is proving to be a tenacious beast. "A

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