Weekly

December 14, 2024   "What could go wrong?" as the (thoroughly-exhausted) old adage goes. Ahead of the latest US CPI update, I said bonds had become "a sideshow." That was certainly true vis-à-vis the ongoing, headline-friendly, post-election melt-up on Wall Street, where stocks are on track for a second consecutive banner year. But it was true in an absolute sense too. What was a palpable sense of angst around the outlook for Treasurys has faded away in recent weeks. Recall from the Oc