The Bond Vigilantes May Need a Lot of Rope: John Authers

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Today’s Points:

• Horror of horrors; there was a bad Treasury auction.
• And in Japan, 30-year yields have hit an all-time high.
• The dollar sold off to its lowest in a month.
• Bitcoin is back at an all-time high.
• AND: Some more gems of wisdom.

Pain at the Long End

The infamous bond vigilantes are starting to inflict some real pain, and they’re not coming for just the US. The suffering for holders of the longest-dated bonds is global, and the market’s informal ...