US Treasuries are experiencing the worst bear market in history: The US Treasury Total Return Index has now been in a drawdown for 69 consecutive months, the longest streak in over 100 years of data. The previous record stretch that ended in 2019 lasted for ~30 months. This is also only the 3rd time in history that a drawdown has exceeded 20 months. During the current drawdown, the US Treasury Total Return Index fell as much as -18% from 2020 to 2022. Since then, it has recovered some of its losses, but it is still down -6% since 2020. Meanwhile, the 20+ year Treasury ETF, TLT, is down -40% since its April 2020 peak. US bonds are more unpopular than ever.(The Kobeissi Letter)