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This hadn’t happened on the U.S. Treasury market in 250 years. Now it has.

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Bank of America has called out a three-year decline in bond returns, saying that has never happened in the history of the U.S.

The 10-year Treasury bond is on track for a third year of losses in 2023, something that hasn’t happened in roughly 250 years of U.S. history.The return for investors putting money in that bond BX:TMUBMUSD10Y stands at a negative 0.3% so far in 2023, after a 17% slump in 2022 and a 3.9% drop in 2021, the bank’s strategists led by Michael Hartnett, pointed out in a note on Friday.That reflects a “staggering 40% jump in U.S.

This year has been better for stocks, but the bounce since the COVID pandemic has been very concentrated in U.S. stocks especially the technology sector, with breadth in global markets “breathtakingly bad,” the analysts said. Breadth refers to the number of stocks actively participating in a rally.

 

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