Is the Bond Market Pushing Stocks Around?

Are we watching something break in slow motion? I don't think we're watching anything break, but we shouldn't be surprised at this. Core inflation is now higher today than it was in 1982. That's ultimately what central banks are looking at and what the Fed is looking at. What the market is doing is pricing in an over 5% Fed funds rate. You can't avoid that. It's all one system.