See what’s driving market performance around the world in today’s Morning Lineup.  Bespoke’s Morning Lineup is the best way to start your trading day.  Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“Treasury securities are considered a safe and secure investment” – treasurydirect.gov

Below is a snippet of content from today’s Morning Lineup for Bespoke Premium members.  Start a two-week trial to Bespoke Premium now to access the full report.

Futures are attempting to rebound this morning after yet another decline in the equity market yesterday.  It’s a busy day for economic data as Durable Goods Orders were just released and came in roughly in line with expectations, but there are still several more indicators on the calendar with FHFA House Prices and Case Shiller at 9 AM Eastern and then Consumer Confidence, Richmond Fed, and New Home Sales all at 10 AM.

Treasuries took another pasting yesterday as yields once again surged to new multi-decade highs. Every day there’s another way to show the carnage, so here’s the one for today.  The iShares Long Term Treasury ETF (TLT) fell nearly 2% yesterday taking its YTD decline to more than 30%.  30%.  In Treasuries! Weren’t they supposed to be safe and boring?  For most of our entire investment careers, when markets hit turmoil, market commentary would include something along the lines of “investors rotated into the safety and security of Treasuries.  Even Treasurydirect.com, which is run by the Treasury Department says as much on its website.

2022’s word of the year could very well be turmoil, yet US Treasuries are having a down year for the ages.  Even on a y/y basis, since its inception in 2003, TLT’s performance over the last 12 months has been the worst on record.  It’s even down more than the Nasdaq!

The weakness in Treasuries is not to say that the performance of US equities has been positive this year.  With the exception of the Dow ETF (DIA), every other ETF that tracks a major US index is down more than 20%, and every single one of them closed yesterday at ‘extreme’ oversold levels (more than two standard deviations below 50-DMA).

Our Morning Lineup keeps readers on top of earnings data, economic news, global headlines, and market internals.  We’re biased (of course!), but we think it’s the best and most helpful pre-market report in existence!

Start a two-week trial to Bespoke Premium to read today’s full Morning Lineup.