"The bear market in bonds that commenced at the end of the nineteenth century coincided with the reversal of globalization. The bond bear market that started in 1945 followed a period when U.S. interest rates had been kept at artificially low levels and Federal Reserve banks lent directly to the American government to finance the war effort. Inflation returned with a vengeance after the war and Treasury yields rose for the next three and a half decades. It’s not hard to draw parallels between these periods and the Covid conjuncture." https://alphabetasoup.substack.com/p/long-live-the-bond-bear-market(𝐓𝐗𝐌𝐂)