The Bond Vigilantes Are Back—-Just In Time To Stop Trumponomics
Early Wednesday the yield on the 10-year US treasury note tagged 2.4o%. That means it's up 65 bps since election day and 105 bps from the post-Brexit low in July. You can call that the return of the bond vigilantes, and just in the nick of time. We have always been skeptical of the Trump economic program because it really wasn't one; it was just a collection of aspirations, quips, bromides and wrong-headed panaceas like the big infrastructure build. As we said in Trumped!