Why Liberals See Rising Bond Yields as Bad News
The reaction to the rise in longer-term bond yields from many in the financial media has been overwhelmingly negative. The question is why?
The financial press has repeatedly described bond yields as rising because of investor “anxiety” over inflation or the size of the U.S. government’s debt. “Bond market anxiety raises stakes for Warsh’s debut Jackson Hole speech,” Reuters reported Monday, insisting that the bond market has decided that the Fed has to hike to stave off inflation and protect its credibility.
This is largely an imagined anxiety. The rise in bond yields is not primarily a…
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