Back on May 22nd we recommended adding duration and extending your portfolio. We like that even more heading into the auctions. The original reasons for our recommendation still stand, but let’s reiterate briefly why we are bullish on Treasuries here (and add a couple of twists). Why? At this point the deficit from the budget is quite priced in. This is when people realize that as big as the number is, it does drift in over time. While I’m not a fan of tariff policy, it is generating income for the Treasury, and it will offset some of the deficit ... Continue Adding Duration