T-Bonds (TLT) May Have Bottomed vs. Crude (USO) Akin to 2008 US Public debt is relatively low at less than half the stock-market cap. The last match was 2007, when the US Treasury long bond was last above 5%. Money market assets (cash) are very low as about 10% of stock-market cap vs. about 17% at the end of 2007. A little stock market reversion might shift Fed expectations back to easing. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tfy6l8n3n0cl #bonds #crudeoil #ETFs @Bloomberg(Mike McGlone)