The Bond Market is Cracking You can’t have a functioning market when the government is flooding the bond market with so much supply that prices collapse and yields spiral upward. But that’s exactly where we are. Since the Fed’s half-point cut last September, yields haven’t fallen — they’ve climbed. The 30-year is flirting with 5%, and Washington’s own debt projections for the next few quarters could push it over the line. This isn’t just a U.S. problem. Global bond markets are showing cracks you could drive a tank through. German 30-year debt trades at the same rate as Japan’s, despite completely different debt loads and interest rates. That’s not “normal,” that’s a sign the pricing mechanism is broken — and…
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