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The causes, consequences, and future of the Treasury sell-off

We don’t expect the tough times to last for Treasuries. But although their woes so far have coincided with big gains in the stock market (at least until very recently) we don’t think a recovery in Treasuries would necessarily coincide with an end to equities’ good fortune. In fact, we think the latter will continue to outperform the former for a while yet.

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