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Bond sell-off is a warning to the Fed


Financial Times/Mohamed El-Erian/9-29-2021

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“This has made the move up in yields over the past couple of weeks particularly notable, raising interesting questions for markets, policies and therefore the global economy.”

graphic image of a book and reading glasses A Good Weekend ReadUSAGOLD note: Are we in the early stages of another taper tantrum? El-Erian avoids saying as much but he does warn ultimately that “prolonged central bank yield depression” can inflict “collateral damage and unintended consequences” – like the way investors react as the Fed signals its intention to snatch away the punch bowl.

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