Here's a chart of the iShares Barclays 7-10 Year Treasury (IEF) versus the S&P 500:
May 4 was the date of my article, Treasury Bears Are Wrong - They Need to Look Closer at the Fed's Motives and Opportunities. I made three major points in that essay about Treasury bears:
(i) they in a crowded trade with barely any opposition, and (ii) inflation would be a disaster for the Treasury, and (iii) deflation would suit Treasury's purposes much better.Other fund managers were short Treasuries and long equities. I said to do the opposite.