Bond Vigilantes

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Trick Or Treat For U.S. Treasury Market?

Oct 21, 2022 2 min read paid

Halloween has come early to the US Treasury securities market. Fed officials have been scrambling in recent days to scare investors almost every day in speeches declaring that they will continue to raise the federal funds rate (FFR) until inflation breaks. They are going trick-or-treating now because they won't be able to do so during Halloween which falls in their "blackout period" starting Saturday and ending

Ed Yardeni

The Bond Vigilantes: They're Baaaack!

Sep 26, 2022 1 min read

The Bond Vigilantes are back. They were last active during the 1980s and early 1990s. They've been mostly lying low since then. That's partly because inflation remained remarkably subdued from the mid-1990s through 2020. Furthermore, in response to the Great Financial Crisis and then the Great Virus Crisis, central banks kept the Bond Vigilantes in check with ZIRP, NIRP, and QE. [1] No more: They'

Ed Yardeni