If you bought a treasury bond on July 1, 2020, you would have lost 50% of your investment! Last year was US bond investors’ worst year since 1871, with a total return of minus 15.7%, even worse than 2009. For 2023, the year-to-date return has been almost minus 10%, annualized, that’s minus 17.3% – even worse than 2022. This is a bond investor’s two worst years in a century and a half! It was the biggest bond market rout in 150 years. That was the 1870s!