Market topic · 2026-10-05
Bond investors debating worst decade for total returns in two centuries
Macro strategists circulated long-run U.S. bond total-return charts arguing the 2010s–2020s stretch ranks among the worst since the early 1800s, even as forward-looking rate paths differ.
Market response
10Y near 5.31% with equities at highs — stocks ignoring duration pain for now.
Why it matters
If yields stay sticky, pension and liability-driven flows matter as much as equity momentum for risk budgeting.
TLT SPY
From the AlphaShot daily brief · 2026-10-05.