As we head towards the most telegraphed recession in recent memory, US Treasuries are receiving a lot of attention. And rightfully so. In recessions, interest rates go down . This boosts bond prices (which trade opposite rates). But not all bonds are created equal— especially during recessions. Slowdowns tend to make the safest bonds the most attractive. After all, it can be a slippery slope from slowdown to meltdown, so many investors prefer the safety of Treasuries. In 2008, for example, the S&P 500 sank 38% but US Treasuries rallied sharply. The iShares 20+ Year Treasury Bond ETF (TLT) delivered a 28% gain for the year: In 2008, T-Bonds Did Great I don’t think we’re in for a repeat of ’08, but this “buy Treasuries before a recession” trade has worked superbly since we called it in November .… Read more