The 30-Year Yield Is Screaming Confidence Not Fear
The yield on the 30-year Treasury climbed above 5.30 percent Monday, its highest level since 2007. This is a testament to the perceived strength of the U.S. economy, although you would never know that reading the financial press.
CNBC attributed the rise to “worries growing among investors about persistent inflation and government borrowing.” A version of that inflation anxiety thesis can be found almost anywhere you look. The ominous historical comparisons came quickly. Last week’s auction produced the highest 30-year borrowing cost since 2001. Monday’s secondary-market yield was the highest…
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