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Brian Chappatta

Longtime Bond Bull Lacy Hunt Sees One Huge Risk

The Hoisington Investment Management economist hasn’t changed his view that Treasury yields are headed lower. But a move to literal money printing could change the game.

Concerned about debt.

Concerned about debt.

Photographer: Christopher Goodney/Bloomberg 

Few economists have the long-term track record of Lacy Hunt at Hoisington Investment Management. 

For more than three decades, Hunt has held the view that U.S. Treasury yields would fall, fall and then fall some more. That was true when the 30-year bond yielded 9% in 1990, 6.75% in 2000, 4.5% in 2010 and now 1.4% in 2020. Hoisington’s chief economist, who recently celebrated his 78th birthday, spoke with me by phone on Aug. 10.