iShares 20+ Year Treasury Bond ETF

TLT

Valor de mercado US$ 49,8 bi

Treasury yields are punishing bond investors in ways not seen since the nation's founding debt crisis, and the fallout reaches well beyond Wall Street into mortgage rates, retirement portfolios, and the federal government's own borrowing costs.

Bonds are paying the best yields in years and still dragging portfolios into the red, leaving investors scrambling for a defensive asset that actually defends. A growing group of Wall Street managers thinks the answer involves shorting Treasuries outright.

U.S. bond yields are rising, providing an increasingly attractive alternative to pricey stocks. Trump's unorthodox policy may be causing this trend to accelerate.

US Treasury yields may ‌have further room to rise, with the Federal Reserve likely ​to deliver one or ​two more rate increases before ⁠the current tightening cycle ends, ​Dan Ivascyn, chief investment officer ​at the world's largest bond manager, told Reuters on Tuesday.

The IMF warns of rising bond market risks amid mounting debt, inflation and AI borrowing. Explore four inverse bond ETFs that could benefit from rising yields.

I rate SGOV (iShares 0-3 Month Treasury Bond ETF) a Buy for cash needed within 12 months, and TLT (iShares 20+ Year Treasury Bond ETF) a Hold. TLT's 5.7% yield is attractive, but its extra income only offsets about 11 bps of long yield increases over 12 months. SGOV offers nearly 4% yield with minimal price volatility, making it preferable for short-term needs amid rate uncertainty.

The global competition for capital remains the key dynamic keeping yields elevated. Notably, all of the September increase in 10-year Treasury yields came from real yields, as implied by the TIPS market.

A record-breaking Treasury auction just flipped the usual script on who actually wants to own U.S. debt, and the answer points to something unusual happening at the long end of the yield curve.

The Fed voted unanimously to raise rates in September, but the bigger question is what a surprise jobs report and an AI spending surge mean for the next meeting and for anyone holding SPY or TLT right now.

US Treasuries resumed their retreat, lifting the 30-year yield back to its highest since 2002 as climbing oil prices raised concern about faster inflation and more central bank interest-rate increases. Vishal Khanduja, Head of Broad Markets Fixed Income at Morgan Stanley Investment Management, discusses credit spreads and whether or not yields will soon peak.