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We like bonds. We like TLT. It’s been a huge call for our macro team and we make no apology for it.
The reality is that being long bonds today, yesterday, the day before that, the month before that has been awesome. Just awesome. It has bamboozled consensus which still doesn’t get it.
When you have global growth slowing (which we don’t think the U.S. will decouple from) and deflation—the two core things that the bond market cares about, growth and inflation slowing at the same time—you buy bonds. And you buy more. And you buy them on pullbacks.