If only US Treasuries came with this kind of warning label. Poor time to be buying longer duration USTs (loaning money to the government); on the flip side, it is a GREAT time for the US Gov. to borrow money / refinance their debts. Keep in mind, over the long haul the 10 year UST averaged about a 5% yield (with some pretty massive swings). Even if rates get halfway to their long term average you’re looking at an 8% discount to par. Pretty lousy returns for what is widely viewed as a “risk free” asset.