We are falling off a cliff in slow motion...
It’s one thing when rates go up due to the Fed.
It’s a whole new ballgame when they go up due to market pressure.
The obvious thing to do is demand lower spending and deficit in the bill, which the evil holdouts are doing.
But truth is, it won’t matter. The numbers are too big to be addressed.
Regardless, the bond vigilantes have either arrived or they are pulling into the parking lot. And that will be that.
And these rates manifest AFTER the Fed has started buying Treasuries.
QE can’t fix it.
This big, bad, bold, beautiful bill is going to blast open the deficit. But it’s the handful of budget hawks who are labeled as “RINOs.”
....except for them of course.