The yield on the ten year just popped five basis points. The five year yields 3%, just could have held cash for two weeks and gotten the ten year yield in five. Capital flows are doing a sudden shift.
In just the past month the government budgeteers see interest costs jump by nearly a hundred billion. Now we have intense lobbying for the favorite small programs to maintain their priority as the yearly budget goes for a bit of claw back. It is a spiral, and government will stop, for a while.
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