Druce Vertes, points duly noted. Checked out the post you linked to. Really interesting how bonds (and bills) got laid low by inflation and then never recovered (even after 30 years). Makes sense if you think about it but I never thought about it that hard before I saw your chart.

I expected that the 1970s would be vicious on bonds but I didn’t expect the worst performance for bills to be during World War II. When I eyeball the CPI data, it doesn’t look like there was an inflation shock then, was it over-supply from war time borrowing (at short durations)?