Ed Yardeni believes that the sell-off in Treasury bonds reflects widespread worry about the United States’ fiscal policy, particularly the growing federal budget deficits.

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via Bloomberg:

The slide in Treasuries has been excessive given recent economic data and Federal Reserve policy, suggesting it’s instead being driven by fears over the swelling US deficit, some of Wall Street’s biggest names say.

Benchmark US yields jumped to the highest levels in 16 years Monday, extending an uptrend that began in May. The latest surge shows Treasuries are detached from their fundamental drivers, according to JPMorgan Chase & Co. The move shows rising alarm at what fiscal policymakers are doing, economist Ed Yardeni says.

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