Back in March, I wrote, “The long-term chart of the 30-year treasury yield may now be the most important chart in the world. For the past 30 years or so, the yield on the long bond has formed a fairly neat channel that has only been violated relatively briefly at times.” Below is an updated version of that chart and it’s clear to see that the 30-year yield has decisively broken out of its downtrend channel. This suggests that the bond vigilantes have finally been woken from their long slumber by rapidly rising inflation and a Federal Reserve that has fallen woefully behind the curve.
This article was originally published by The Felder Report.
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