Brian Chappatta, Columnist

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.

August 14, 2020 at 10:00 AM UTC

By Brian Chappatta

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

Concerned about debt.
Photographer: Christopher Goodney/Bloomberg

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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.