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The market for U.S. debt is weirder than you think

Maybe Congress just passed a new spending or tax cut bill without any offsets, or maybe old debt just needs to be rolled over into new debt.

A spike in wage data convinced investors that higher inflation was just around the corner, leading to a sell-off in a bunch of U.S. Treasuries. That convinced the stock market that higher interest rates were just around the corner, leading to sell-offs there too.


“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte