Adam Kobeissi(@TKL_Adam):Inflation has now been above the Fed's 2% target for 64-straight months. Since March 2021, we have not had a single US CPI inflation print at or below 2.0%. Fed Chair Warsh pledges to end this seemingly endless wave of inflation. This goal has been explicit, the market knows this, but how will the Fed achieve this? The recent surge in yields reflects exactly that, resulting in a paradox that sums it all up: Uncertainty is at multi-year highs, yet no one wants bonds.

2026.08.01 16:00

Inflation has now been above the Fed's 2% target for 64-straight months. Since March 2021, we have not had a single US CPI inflation print at or below 2.0%. Fed Chair Warsh pledges to end this seemingly endless wave of inflation. This goal has been explicit, the market knows this, but how will the Fed achieve this? The recent surge in yields reflects exactly that, resulting in a paradox that sums it all up: Uncertainty is at multi-year highs, yet no one wants bonds.

The Kobeissi Letter@KobeissiLetter

2026.08.01 15:35

The bond market situation is crazy. While everyone focuses on AI, US borrowing rates just hit the highest level since June 2007. Credit card "serious delinquencies" are at the highest since 2010 and mortgage rates could near 8%. What's happening? Let us explain. (a thread)