According to BofA Global Investment Strategy data, the 10-year rolling cumulative return on US Treasuries has fallen to approximately -1%, a rare extreme in nearly a century of market history.

Years of inflation, higher interest rates and aggressive Federal Reserve tightening have weighed on bond prices. However, the historic decline also raises an important question: Could Treasuries be approaching a turning point?

If inflation moderates and interest rates decline, bonds could benefit from falling yields. Persistent inflation and government borrowing, however, remain important risks.