One of the biggest funds tracking a key part of the U.S. Treasury market is heading into this week's Federal Reserve meeting on a historic slide. The $47 billion iShares 20+ Year Treasury Bond ETF dropped for the eighth-straight trading session on Monday, apparently the longest such decline since the fund launched in 2002. The price of bond funds like TLT move in the opposite direction of bond yields, meaning lower prices equal higher yields.
Recent inflation readings have surprised to the upside, lowering confidence among investors that the central bank will soon move to lower interest rates. Wednesday's Fed update will come with a new summary of economic projections, which includes the growth outlook of the central bankers and the so-called "dot plot" laying out expected interest rate changes in coming years. It is important to note that the losing streak does not hold across all parts of the Treasury market.