BIG BULL MARKET IN BONDS STILL IN PROGRESS

BULL MARKET IN BONDS

The bull market in US bonds began in September 1981 when the 10 year yield made a monthend peak at 15.32%...the low was made monthend July 2012 at 1.48%...this resulted in a ten fold increase in bond prices. The monthly chart of yield below shows that the downtrend is still inatct and that a month end close above 3.03% would be required to reverse direction and pronounce that the bull market in bonds was officially over.