Bond Market Says Fed Has Never Been Further Behind

Pundits will say whatever pundits say, but the market thinks the Fed's behind the curve. As readers have doubtlessly surmised by now, I agree with the market on that point. That's not (necessarily) to say I support a 50bps cut this month as the best course of action. I mean, I do support that. But I can make the argument against it more convincingly than the people who don't support it. That's the thing you have to remember when you read me: There's virtually no argument I can't make better th