Last week I noted that the single most important chart in the world is flashing “danger.”
By quick way of review…
The defining trend of the last 45 years was the secular bull market in bonds. This bull market meant that throughout that period debt was ever increasingly cheaper to issue. As a result of this, everyone from individual consumers, corporations, states/ municipalities, and even the Federal Government went on a multi-decade debt binge.
The secular bull market in bonds ENDED in 2022. From that point onward, for the first time in 45 years, it was more expensive to issue new debt. This is what triggered the bear market in both stocks and…
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