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A closer look at Treasuries vs. US equities in the 70s & 80s

We doubt Treasuries would underperform US equities as emphatically as they have in recent weeks if oil prices and inflation surged a lot more. Indeed, they could conceivably outperform – as they did at times in the 1970s – if that fostered expectations of an even more substantial tightening of Fed policy than the one currently discounted in the markets and raised concerns about the outlook for economic growth.

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