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.

Everyone’s waiting to discover the level at which yields spur financial instability. From @kitjuckes this morning: “For now, the FX market is a bystander, watching Treasuries and waiting for them to break something.” — Lisa Abramowicz (@lisaabramowicz1) October 3, 2023 …

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