Accessible version Liquid Insight US Treasuries – Value vs Utility Key takeaways By Bruno Braizinha Chart of the day: Correlation between USTs and S&P total returns (3m) Highest correlation levels since the late 90s reduce utility of USTs as hedge an diversifier for portfolios Source: BofA Global Research, Bloomberg -80% -60% -40% -20% 0% 20% 40% 60% 80% 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26 Correl 7-10y USTs vs S&P Current The missing utility premium US Treasuries remain historically cheap rel ...