Long-term (i.e., 20+ year) Treasury bonds are struggling.
That is clearly a break from the past.
For example, T-bonds trended higher and with relatively low volatility from 1990 to 2005.
From 2005 to 2020, the gains continued albeit at a slower pace and with increased volatility.
Over the past two years, however, it has been quite a different story.
Due in part to post-pandemic inflation and a slow responding Fed, T-bonds have plunged — eliminating over a decades worth of gains.