According to Charlie Bilello, the US bond market has been in a drawdown for 64 months, the longest in history. According to Charlie Bilello, a drawdown of this length indicates that broad bond total returns have not reclaimed prior highs for over five years, underscoring persistent rate and duration pressure that traders need to factor into positioning. According to Charlie Bilello, this record drawdown serves as a notable macro backdrop that traders can use when calibrating duration exposure, rate hedges, and risk allocation across assets, including crypto.