Unlike last year at this time, TLT will do well (+12) the next 3 months

  1. SPY RSI is only 56 so no threat from stocks (YoY +20%)
  2. Fed leaves rates unchanged and –ve QE which is good for bonds (last year they were dropping rates)
  3. 3 months more are needed for KW to meet inflation targets 2.4 and interest rates 3.1
  4. 6 month down cycle for bonds is ending (deeply oversold)

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