Monthly Fixed Income Returns


Bear Steepener Rerun

February completed the worst two-month stretch for Treasuries since the November 2016 election. That’s fitting as 2018 has started with hard echoes of post-election concerns about inflation, budget deficits, and the tradeoff between equities and bonds. The calm at the conclusion of 2017 was a holiday induced head fake that produced faster liquidations this yeardue to the alarming acceleration in interest rates.

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