Historic Event Shakes U.S. Treasury Market After 250 Years

The 10-year Treasury bond is set to experience its third consecutive year of losses in 2023, a historical event that has never occurred in 250 years of U.S. history, according to strategists at Bank of America. The negative 0.3% return on the bond so far this year follows a 17% slump in 2022 and a 3.9% drop in 2021. The decline in bond returns can be attributed to the Federal Reserve's interest-rate-hiking campaign aimed at controlling inflation. Additionally, the stock market has performed better this year, particularly in the U.S. technology sector, while global market breadth has been significantly poor.