An outstanding note from Michael Hartnett at BofA beautifully captures 2025 dynamics. The Biggest Picture: Treasuries entering 6th year of 3rd Great Bond Bear Market of past 240 years (Chart2); global shift to populism, rising US government debt (set to hit $40tn on 6th Feb’26, exactly 400 days into Trump 2.0), inflationary central banks; recession
The post Bond and stock shocks on deck appeared first on MacroBusiness.