#33: Bill Fleckenstein On Profiting From Central Bank Mistakes
Superinvestors and the Art of Worldly Wisdom
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The Fed's Loss of the Bond Market
The Fed had to step in because the bond market was backing up due to too much supply at the wrong rate. The demand for money at the prevailing price was too high such that the dealers had to finance it and they could because of the short end of the curve. If there had been enough going away buyers said differently if the market liked that rate, the Fed wouldn't have had to do what it did. But you're right. No one's eye is on that ball anymore.
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