No need to fear a taper tantrum, they said. It's all in the price, they said. Central banks have made it very clear what they are doing and there will be no surprises, they said.
Well, they - as usual - were full of shit, because moments ago this is what happened in Australia where the central bank unexpectedly did not offer to buy the April 2024 yield target bond: the yield on the 2Y bond just exploded, doubling in the matter of minutes from 25bps to 50bps as the central bank's 0.1% yield curve control was summarily executed in broad daylight.
The Fed, for example, already caused a future nightmare when Bernanke discovered 'This Time is Different'. Central banking is unstable, always has been. But badly educated econs have no clue.
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