“AT THIS POINT I’D probably dislocate a shoulder if I tried to pat myself on the back for my terrific bear call on bonds — which have gotten absolutely trashed as long-term interest rates have risen from 3.97% less than a month ago to over 4.5% this week. I have to be modest about this because I’ve been bearish on bonds for so long, you’d be justified in saying that I’m nothing but a broken clock that’s right twice a day.
On the other hand, it would be equally fair to say “better late than never.” All the realities I’ve been talking about in this column for so long have finally begun to catch up with the bond market. By the way, I’m not the only one who has waited impatiently for this day of reckoning. As recently as a month ago Alan Greenspan called low bond yields a “conundrum” and an “aberration.” ”
– Get your small business loans now! When inflation rears it’s ugly head rates rise. -ed.