In FTN’s analysis, which adjusts for today’s record low interest rates around the world as monetary policies from the U.S., euro zone, the U.K. and Bank of Japan converge to give a more-accurate reading of relative value, Treasuries are about 30 percent cheaper than average, according to Vogel.

Treasury 10-year notes fell in each of the past three weeks, the longest stretch since December. Yields have risen from 1.66 percent on April 26 amid reports showing gains in jobs and consumer confidence. The price of the benchmark 1.75 percent security due May 2023 declined 15/32 last week, or $4.69 per $1,000 face amount, to 98 5/32, Bloomberg Bond Trader data show.

Savers dependent on bond payments are “victims” of central bank policies to lower borrowing costs, Buffett, the chief executive officer of Berkshire Hathaway Inc., said at the company’s annual shareholder’s meeting in Omaha, Nebraska, May 4.

Rally ‘Over’

“I feel sorry for people that have clung to fixed-dollar investments,” he said.

Bill Gross, who runs the world’s biggest bond fund for Pacific Investment Management Co. in Newport Beach, California, said in an interview on Bloomberg Television May 16 that the three-decade bull market for bonds “was over.”

He still increased Treasuries to 39 percent of his $293 billion Total Return Fund in April, the highest level since July 2010. Treasuries, for now “are a better alternative than cash,” he wrote in a May 1 investment outlook.

Treasuries have lost 0.33 percent this year, including reinvested interest, compared with 0.93 percent for the global sovereign bond market, Bank of America Merrill Lynch indexes show. The MSCI All-Country World Index of equities has risen 7.5 percent this year, and corporate bonds have returned 2.08 percent as measured by Bank of America Merrill Lynch Indices.

Bond Overreaction

Three Federal Reserve regional bank presidents, Richard Fischer of Dallas, Charles Plosser of Philadelphia and Jeffrey Lacker of Richmond, called last week for the central bank to phase out the $40 billion monthly purchases of mortgage-backed securities. It’s also buying $45 billion of Treasuries a month.