U.S. equity and bond futures are the most positively correlated since 1999, signaling that Treasuries’ role as a hedge against risky assets has been eroded amid inflation concerns. The 60-day relationship between S&P 500 Index and 10-year Treasury note futures rose to 0.55 on Wednesday. In contrast, the average correlation over the past two decades was negative 0.3, meaning a decline in stocks was often accompanied by a rally in bonds.