Treasuries 2023 outlook. Bad things will happen.

The overwhelming majority of 1-3-5 structures exhibit the time property where the market spends less time between 3-5 compared to 1-3. The ratio between the two usually lies between 0.382 and 0.786. This gives us a very good indication that 2023 will indeed by the pivotal year for the Treasuries.

It is my firm belief that the sell-off in Treasuries will reach a point where a global repricing of all yielding assets will happen, causing the crash in the markets worldwide. If it's not happening yet, it only means that Treasuries haven't moved low enough. They will keep grinding lower and investors will be forced to take notice.

2023 will be the time when SPX will hit 1500, while EURUSD will finally reach 0.75, and EURJPY will land below 88.