Photograph by Stu Rosner
“It’s a strange moment to have written a book where part of the argument is that things are changing less than you think,” said Ross Douthat ’02 on a sunny weekday afternoon in July. He was sitting on the back deck of his home in New Haven, Connecticut, overlooking a profusion of ocean-blue hydrangeas and the patchwork of his neighborhood’s backyards: swing sets, flower beds, trees, fences.
Like much of the country, the
New York Times columnist had been holed up for months with his family, ever since the pandemic cut short the tour for his most recent book,
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A “storm” swept through the US government bond market on Friday, sending a key measure of long-term borrowing costs to the highest level since last February.
Treasuries dropped in overnight trading after a large sale of long-dated bond futures in Asia, according to people familiar with the matter. Yields on the benchmark 10-year note, a key marker across global asset markets, jumped to 1.63 per cent, having traded around 1.53 per cent the day before.
Analysts said the scale of the move underscored how jittery the $21tn market had become against the backdrop of a more robust economic rebound. Treasuries are the biggest and deepest market in the world, something that typically insulates it from sharp rises and falls in prices.
March 3, 2021
Credit.Damon Winter/The New York Times
Believe it or not, the Republican Party is ideally positioned for at least the next two years. As the opposition party, it will not be expected to offer solutions to the country’s myriad problems, much less introduce substantive legislation. It will not be expected to do anything except what it does best oppose the Democratic administration and the Democratic Party.
But the spirit of opposition that much of the Republican Party feels so at home inhabiting exposes the Achilles’ heel of movement conservatism, the weakness that stands to doom the party’s efforts to “move on” from Donald Trump. While many who proudly call themselves conservatives agree about what conservatism is not, there is no such consensus on what conservatism