AI Summary

Strategist Bianco, who has criticized Treasury bonds since 2020, says the current 5.25% yield on U.S. Treasury notes offers a “big fat cushion” that has shifted him to a bullish stance. He argues that investors have grown used to distorted returns from artificially low rates and that realistic expectations are about 5% returns on bonds and 6% on stocks. The higher yields now make Treasury notes attractive value opportunities.

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