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The Bonds Don’t Lie
First thing Monday, I not-so-gently chided Scott Bessent for what, in my view anyway, was a disingen
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Any discussion of the drop, or recovery, in bond or stock market pricing over this time period, should include a mention of the big drop in the dollar versus other currencies at the same time. Including that makes everything more realistic, and so much worse.
Hats off to the BMO team and to you too frankly for keeping it real.
“Trump’s erratic behavior?” Oh no. Secretary Hessent himself just explained the president’s flip-flopping as planned “strategic ambiguity.”