Long lost bond vigilantes sighted, gives dollar fillip
5/13/2021 11:12:35 AM GMT Overview: It is as if the bond vigilantes were pushed too far. US inflation is accelerating more than expected, and it cannot all be attributed to the base effect, and the Federal Reserve, to many investors, is tone-deaf. With powerful fiscal stimulus, nominal growth above 10%, and the economy re-opening, albeit unevenly, does the monetary accelerator need to be fully engaged? The US 10-year yield jumped, providing a nice concession at the quarterly refunding and lifted the dollar broadly. Stocks got hammered, and still no safe-haven bid for Treasuries. Near 1.70%, t...