US Bonds

The bond market remains in our buying zone. We expect the summer lows to hold, and very soon a sharp upward move in bond prices. The cyclical bull market target zone is 9% yields for T-Bonds in the next 12-18 months. Maybe much lower on a secular basis.

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July and early August were quite unpleasant. T-bonds led the parade on the downside with yields rising over 100 basis points since our last issue. Damage in the quality corporate sector was not quite so severe, and the lower quality junk bonds only lost a few points.

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