30-year Treasuries just hit levels not seen since 2000. Down 60% from 2020 peak.
That's a bigger drawdown than the 2008 financial crisis. Back then, bonds fell 35%. This time? Nearly double that.
The math is brutal: 30Y yields have jumped 478 basis points since bottoming at 0.71% in March 2020. Meanwhile, nominal GDP is up 63% over the same stretch.
So the economy grew, but bond prices collapsed. Six years of losses wiped out two decades of gains.
This isn't just a bad year for fixed income. It's one of the worst bond bear markets in modern history. And most retail investors still think bonds are the "safe" part of their portfolio.
Rate cuts won't fix this overnight. Duration risk is real, and a lot of people learned that the hard way.
That's a bigger drawdown than the 2008 financial crisis. Back then, bonds fell 35%. This time? Nearly double that.
The math is brutal: 30Y yields have jumped 478 basis points since bottoming at 0.71% in March 2020. Meanwhile, nominal GDP is up 63% over the same stretch.
So the economy grew, but bond prices collapsed. Six years of losses wiped out two decades of gains.
This isn't just a bad year for fixed income. It's one of the worst bond bear markets in modern history. And most retail investors still think bonds are the "safe" part of their portfolio.
Rate cuts won't fix this overnight. Duration risk is real, and a lot of people learned that the hard way.
