Yellen, Neutral, MicroStrategy And Bitcoin

Janet Yellen said something interesting this week. "It seems unlikely that yields are going to go back to being as low as they were before the pandemic," she told the press, while in Kentucky for what amounted to a campaign event for Joe Biden's reelection bid. The context was the administration's budget, and specifically the embedded yield forecasts, which are markedly higher versus a year ago. The figure below shows the forecasted trajectory for three-month bills as well as the White House's