More Trouble

I don't know if maybe you noticed, but this is playing out exactly like I said it probably would. In fact, I'm not sure I've ever been quite this right in terms of the direction things seem to be headed. No, stocks haven't plunged (yet), but what you're seeing is the reflation narrative dying on the vine while yields reprice sharply higher. That's not what you want - at all. And it's exactly what I meant when I warned that should a policy shock trigger a quick selloff in rates, the virtuous n