here was, however, a small but vocal minority who questioned whether the Strait had been opened at all. If Iran had effective fire control over the Strait in spring and summer, they asked, then why would they suddenly lose it now? Almost immediately after this question was raised, Iran settled the debate by striking an enormous number of ships: 12 and counting in less than a week. As these debates unfolded, the market for U.S. Treasury debt continued an epic sell-off. Bloomberg quoted an investment banker who stated that Treasuries were "trading like a meme stock." U.S. Treasury bonds have now experienced their worst long-run returns in history.