For a while there, I figured bonds had hammered out the foundation for a sustained rally. That may still be true, but the thesis is looking pretty shaky.
If indeed bonds do resume their multi-year bear market, that obviously means interest rates are going to go up, which makes sense because Powell has totally muffed policy and is going to introduce raging inflation to our once-great country. Added to which, the interest on the $36 trillion of debt that Washington D.C. has accrued to stave off any constituent pain is going to claim the top spot within a few months on the categories of federal expenditures, dwarfing the military and even social “security”.
This country is doomed beyond imagination.
