Long US government bonds have recorded their worst decade in 223 years, losing roughly 2% per year before inflation over the period through August 2026. This disastrous performance, which only occurred once before in 1803, is explained by the rise in Federal Reserve rates and inflation, which eroded fixed-coupon bond yields. Federal debt reached $40.1 trillion on September 3. The 10-year Treasury yields 4.80% and the 30-year pays 5.25%, creating a difficult environment for bitcoin, which pays no dividend and trades around $77,934, down about 2% from its 2025 record.
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