U.S. 20-year Treasuries down 38% since 2020. Largest collapse in a century, even Volcker era pales. The money supply just hit an all time high and we’re all talking about easing.

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Are U.S. Treasuries finally as risky as stocks?

The Federal Reserve is now a captive long-duration investor, holding nearly 38% of Treasuries beyond 10 years and 60% of its total portfolio at the long end.

Rising yields amplify unrealized losses, slow quantitative tightening, and could force Powell to cut rates simply to stabilize bond markets rather than stimulate growth.

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