**US Treasuries in Structural Bear Market**

US Treasuries have posted an average annual inflation-adjusted return of **-3%** over the last **10 years**, the worst since the 1980s.

The **S&P 500** returned **+12%** annually in real terms over the same period, the widest stock-bond gap since the 1960s.

Sustained negative real Treasury returns happened only in the 1910s, 1940s, and 1970s-80s, all with inflation sometimes above **10%**.

Current deficit spending and inflation remain out of control.

**[@futures](https://t.me/futures)