Lacy Hunt, a Texas economist, has reversed his 44-year bullish stance on 30-year U.S. Treasury bonds. In the early 1980s, he bought these securities while mortgage rates were in the double digits, the Federal Reserve was waging open war on inflation, and the bond market had been declining for 15 years. This reversal marks the end of an era for bond investors and carries direct implications for personal savings in a rising rate environment.
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