In a couple of hours, Mr. Powell is going to ride off into the sunset. He’s a lucky man. The next chair is going to have to contend with a complete shitshow as bonds plunge and interest rates rocket higher, against all the wishes of the administration.
The TLT, shown below, has been grinding away for years, but it’s clearly an ill beast.
The long-term /ZB chart is more telling. Complete the rounded top we are in right now, and it’s doomsday.
America is hopelessly in debt, and its demise will go into overdrive as interest payments consume the budget. All our tax dollars will be completely wasted, and there’s going to be absolutely nothing left to show for it except maybe a monument and an empty ballroom.
