The Bond Market Is Finally Functioning Again, after 14 Years of Financial Repression
Bessent, rather than touting hocus-pocus shows, should point at the growling bond market as reason to get serious about fiscal consolidation before the bond market starts to bite.
Source: Wolf Street
―
DW NOTE
The 10-year at 4.69% isn't financial repression — it's the market pricing a 6%-of-GDP structural deficit during an energy supply shock. Bessent can call this a functioning bond market, but what's functioning is the repricing of American fiscal incontinence in real time.