Correction Over!

Now that I have your attention, I hope I do not lose it by saying I am talking about long-term treasury prices. The March 2021 letter, Should We Be Traders? noted how the thirty-year bellwether treasury bond had lost all of its forty-point gain from the March 9, 2020, bond market top. The bond market moved from bull to bear, and I expect this bear to be a long one.

The bellwether bond we watch is the 2.375% of 11/15/49, trading at 141 on March 9, 2020 (all prices per Bloomberg, rounded for simplicity). The low since then was March 18, … Read More