Long-term (i.e., 20+ year) Treasury bonds are down significantly in the 2020s.
The magnitude of the decline 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 three and a half years, however, it’s been quite a different story.
The trend has been down — sharply down.
However, ongoing concerns over a slowing economy which could lead to lower inflation and interest rates have helped T-bonds rally to a point where they are currently testing resistance (red line) of its current downtrend channel.
