'Buy bonds,' says market forecaster Jim Bianco

• Bianco is positive on bonds for the first time since 2020, stating 'math works again' at current yields.
• Benchmark 10-year Treasury yield in the 5% range finally reflects a 'normal' 5% nominal economy (3% inflation + 2% real growth).
• Bonds are no longer expensive and offer value, with buying opportunities from 5-year maturities and longer.
• While some low-rated corporate credits face refinancing challenges, overall corporate debt has been deleveraging, and the market can handle current levels.

Long-time bond bear Jim Bianco has turned bullish on bonds, arguing that current 5%+ yields across the curve now reflect economic fundamentals and offer fair value. He recommends buying bonds from the 5-year maturity onwards, viewing the current rate environment as a return to normalcy after an abnormal decade.