The relentless rise in real yields
- Consensus thinks Warsh has gone soft on inflation, and that it is safe to buy back into tech equities
- But real yields show policy tightening sharply even without hikes
- Moreover, the major cushion that was absorbing their impact has just gone
- Expect real yields to continue rising until they choke off the borrowing that is driving them
What the Stock Market’s Record Rally Has to Do With Rescuing the Yen
