The last time bonds did this, Bush was president

The long bond just closed at a level you haven’t seen since July 2007. Think about that… the iPhone was 24 days old. Bear Stearns was still standing. The housing crash hadn’t happened yet. Now your 30-year fixed mortgage is back above 6.6%, the equity risk premium has collapsed to nearly zero, and the bond market is telling you something nobody on cable will say out loud: capital is fleeing stocks for Treasuries because 5.2% guaranteed beats whatever the S&P does next. Every retirement portfolio in America is being repriced in real time.