This is not about inflation The 30-year is at a 19-year high, and it got there in August while September rate-hike odds were only 31%. That is not an inflation expectations story. That is term premium: $857B of net interest already paid 8 months into FY2026, on pace past $1.1trn, deficits heading for $2trn, auction sizes that only go up.
Thorsten FroehlichShare
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