Bonds Treasuries have been inching lower, and I have been advocating reducing exposure to long-duration holdings such as the iShares 20+ Year Treasury ETF (NYSEARCA:TLT) all year long. I would be closely monitoring the interest-rate environment and watching TLT when the Fed begins to make changes. Each month, we are witnessing improving economic statistics, strengthening employment numbers, and low inflation metrics that would seem to support the notion of a recovering economy.