Treasuries Are the Surprise Year to Date Winner

When the Fed announced an end to the quantitative easing program, the treasury market sold off.  The reason is simple: the largest buyer of treasuries had announced they were leaving the market.  However, since January 1, treasuries have outperformed the market as a whole.


When we compare long treasuries, SPYs, commodities (DBC) and the dollar (UUP) since January 1, treasuries again outperform.

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