He's been badmouthing Treasury bonds since 2020, but now ‘the big fat cushion' of 5.25% yields is turning this strategist bullish

Bianco argues that investor return expectations have been distorted by the era of artificially low interest rates, with more realistic prospective returns of roughly 5% for bonds and 6% for stocks. He sees value in U.S. Treasury notes at current yields, favoring fixed income as rates normalize.