U.S. Treasury bonds are in a structural bear market: Over the past 10 years, the average annualized inflation-adjusted return for U.S. Treasury bonds has been -3%, the worst performance since the 1980s. In contrast, during the same period, the S&P 500 Index had an average annualized real return of +12%. This marks the largest gap between stock and bond returns since the 1960s, when the S&P 500's annualized return peaked at +19%, while Treasury bonds were only at +1%. Historically, sustained negative real returns for Treasury bonds have only occurred 3 times: in the 1910s, 1940s, and 1970-1980s. Deficit spending and inflation are out of control. Market predictions show: July rate hike probability: 25% September rate hike probability: 50%