Macquarie Capital is calling time on the three-decade bull run in U.S. Treasuries.

They reckon benchmark yields are poised to climb to 4 percent over the next 18 months, presenting fresh challenges to investors who have become accustomed to more than 30 years of rising bond prices.

“While the outlook for interest rates is highly uncertain, we feel that the bull market is over,” strategists including Thierry Wizman in New York wrote in a note published Wednesday.

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