With yields at their highest levels in more than two decades, bonds finally have the opportunity to recover some of their unprecedented losses.

But only in nominal terms. U.S. interest expenses are going through the roof. Over the next 30 years, interest spending is projected to reach 6% of GDP. At some point, interest rates have to come down. There is simply no other way to finance an ever-growing mountain of debt without breaking the Treasury market and undermining the U.S. economy. Lower — via @jsblokland

Highest yields in 20+ years and 6% GDP interest spending catalyst major fixed-income event.