Is the Bond Market a Smart Money?

The bond market has been flat out wrong, particularly the last two years in a huge way. Even even though bonds had actually negative real yields for a while that the yield, the real yields are now positive when you look at right expected inflation expectations. There was a term when I was started trading back in the 1980s and 1990s called the bond vigilantes. They were serious bond players Solomon brothers of the world that would take on the Fed and push prices to where Sol you wanted prices to go. People will become credit vigilantes with the reality that if the USA was triple C rated it would be triple C.