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Burning Bonds
I've said it over and over again in recent days and weeks, and I'll say it again Monday: I hope Scott Bessent's paying attention.
Long-end US yields rose to a 13-month high at the beginning of what'll be another holiday-shortened week in the US (equity markets are closed Thursday in honor of Jimmy Carter, and bond trading will be truncated).
4.85% on the long bond counted as the highest since November of 2023, a reminder of bond vigilantes' bones to pick with US fiscal policy, which some view
“Apparently”, Mike Johnson wanted to introduce three separate bills but the Caudillo of Mara Lago passed along a demand that everything be packed into one bill.
The King likes to torture is loyal servants with humiliation so he can be sure they are sufficiently loyal. It is the reason boot licking and floor licking is such a thing in royal chambers.
I notice the word scheme in the opening line. In American English scheme is a pejorative. Plan is used instead. However in British parlance scheme is a plan and not a pejorative. I wonder if that divide did not come during the revolutionary war when the British were scheming and the colonists took to planning?
If so maybe you could enlighten us on what practical effect King Musk’s rantings on British political choices may have for investors? or international relations? I find my American take to be way too culturally ethnocentric to develop an opinion on internal British affairs. While your at it what is the effect on his musings about German politics? I am even more deeply disturbed about my cultural ethnocentrism when it comes to Germany.
H-Man, since bond interest exceeds what we pay for defense annually, is this just the start of the vigilantes assessing congestion fees in the form of interest?