US Treasuries Appear Cheap Versus Stocks but May Have Further to Fall
Despite appearing inexpensive compared to stocks and GDP, US Treasuries may have further to fall before reaching an oversold state. Historical data suggests they are not yet ready for a durable bounce.
Treasuries might look cheap against stocks, GDP and the global cycle, but on their own historical terms they have more to fall before they become oversold and ready for a durable bounce.
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