DoubleLine’s Jeff Sherman Is Underweight Long-End US Treasuries

The call matters because it frames long-end Treasuries as structurally challenged by supply and demand rather than by cyclical rate expectations. That view, from a large fixed-income manager, reinforces the narrative that duration risk is a persistent portfolio problem, not a temporary one. For crypto and RWA markets, the relevant channel is the discount rate: a persistently weak long end keeps the term premium in focus. Whether that bearish stance becomes consensus among other large bond managers is the open question.