Leave it to the Bozo

For the first time in US history, US Treasury returns are on track to fall for 3 consecutive years.

In 2022, US Treasury returns were nearly double the 2008 losses, at -17%.

To put this in perspective, this is the second worst annual return for US Treasuries ever.

The worst… pic.twitter.com/RAJpBpcUxm

— The Kobeissi Letter (@KobeissiLetter) September 2, 2023