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Notable on 3 fronts IMO:
1. The length of the drawdown
2. Calling LT USTs a bubble has not been allowed in polite company for the entire drawdown
3. There is little more secularly inflationary than a highly-indebted sovereign w/a printing press & an acute need to cap LT ylds
7 авг. 2025 г.
The US Bond Market has now been in a drawdown for over 5 years, by far the longest in history.
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