The Rise of Bond Yields

I don't think currencies move like they used to because the reason bond yields are rising is because governments are trying to get real wages higher. So, you know, politics has now completely sort of moved to this new world where I think income inequality is not acceptable. Stagnant wages is not acceptable and this is leading to big macro changes. And so I suspect bond yields continue to rise. We really were convinced that we were never going to have inflation. And I think the big surprise of the past couple of years has been that they actually could create inflation. It was some crazy number. The long bond went to 70 basis points or something. That's how high it got before COVID