🇺🇸 The ten year hit 4.9% for the first time since 2023, up 95 basis points since the war began. Economist Martin Armstrong was in the room for the Plaza Accord in 1985, warning officials that devaluing the dollar 40% would end in a crash. Two years late
🇺🇸 The ten year hit 4.9% for the first time since 2023, up 95 basis points since the war began. Economist Martin Armstrong was in the room for the Plaza Accord in 1985, warning officials that devaluing the dollar 40% would end in a crash. Two years later it did. - x.com
Source: x.com
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DW NOTE
The 10-year yield rose 95 basis points since the Strait closed in July — bond markets pricing eighteen months of inventory drawdown, not a transitory shock. Armstrong's Plaza parallel is exact: coordinated devaluation against a backdrop of structural deficits produces flight from duration, then something breaks.