The tweet was deleted by the author.
But we saved everything 🙂.
The 30-year U.S. Treasury is outperforming the stock market in 2026, according to Michael A. Gayed. Gayed highlights that the long-term bond, often seen as a dull or 'dead' asset, is ahead of the S&P 500 with a 4.60% gain year-to-date, compared to a 3.24% decline for the stock market index.
Gayed suggests that sometimes the contrarian trades that receive little attention can offer the most obvious opportunities, as demonstrated by this bond performance.
The current outperformance of long-dated Treasurys occurs as investors continue to weigh evolving market dynamics and potential unwinds in broader asset strategies, reminiscent of themes explored in the context of the yen carry trade unwind, which left significant structural elements largely intact. Additionally, the shifting landscape for traditional equities, as evident in the recent Russell 2000 weekly drop, further underlines the importance of re-evaluating perceived “safe” and “risk” assets, particularly as established correlations are increasingly contested.