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The Power of the Bond Market
Bond market destroyed Liz Trust government in the UK, says Marco Navarrette. He thinks this is a sign of things to come with bond yields at 11% please. If Italian BTPs went from what was it, 13% at their height to like below the US tenure yield, don't you worry, he says. Now, policymakers will wrestle with the bond market but they'll do so through yield curve control - which I think will have consequences in other parts of the catch-up tube. The obvious answer where this all pops must be currencies: that's what Japan did on purpose.