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Bond ETFs: Are Treasury Bonds Entering a Downtrend?

I did the PCy Emerging Markets Sovereign debt, HYG U.S. Corprate High Yield and PFF Preferred fund in roughly equal position in April. Average blended yield is 6-7 percent. The PFF and HYG move with the stock market. PCy moves in its own orbit, while dollar hedged, it moves against the dollar.