(Bloomberg) -- The world’s biggest bond dealers are showing almost no confidence in the best annual start for Treasuries since 2008.

While Treasuries climbed 1.4% this year, Goldman Sachs Group Inc., JPMorgan Chase & Co. and the other 20 primary dealers offered to sell $4.34 of the notes for every dollar the Federal Reserve purchased from the firms in its bond buying program in the past month, the highest since 2011, data compiled by Bloomberg show. Dealers slashed inventories more than 70% from a record in October to a two-year low.

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