I thought this insight from bond veteran John Jansen was symbolic and typical of the current sentiment in the bond market:
"I would expect the market to erode further as investors and traders demand a concession from the taxpayers for the profligate level of debt issuance."The American people can't continue their profligate ways without consequences. The pound of flesh is only beginning to hurt! It will hurt much more as time presses on! One consequence for everyone is that borrowing costs are rising, and not just for the U.S. government! Mortgage rates are rising, and I suspect that other credit costs will rise also as time passes. Isn't that what John just said?
