Ed Yardeni, who coined the phrase "bond vigilantes," sees this move in US yields as reverting to normal, not necessarily a sign of true investor protest. That said, the fiscal doom loop makes higher yields more economically problematic than pre-crisis.
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The US auctioned off 10-year bonds today at the highest yields since 2007. The yield move has been driven by real yields (adjusted for inflation), which are hovering near the highest levels since 2008. The key question: is this alarming or historically normal? (1/3)
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