NEW YORK ( TheStreet) -- My career on Wall Street began as a U.S. Government Bond trader in 1972 when my father passed the baton to me after he traded Treasury bonds since 1938. He experienced a low interest rate environment for most of his career, but not the sustained trend to the record low yields we have seen so far this century.
On May 15, I wrote
On July 18, I wrote
When the Federal Reserve announced QE3 on Sept. 13, it said that the purpose of this monetary stimulus program was to bring down long term U.S. Treasury yields and the rate on the 30-year fixed rate mortgage.Even so there was a parade of Wall Street strategists and money managers continuing the mantra to avoid U.S .Treasuries. They continue to be wrong.