The Bond Market Just Looked at America and Said, “Nah”
Global yields are exploding, AI is running on borrowed money, and the president who demanded lower rates may have just hired the guy who raises them.
A note from Lawrence
Every government bond market on Earth is lurching at once, and the years these yields last touched were each the year before something blew up. I lay out who lit the match: forty trillion dollars of debt, tariffs, and a shooting war that has oil climbing, all of it inflationary.
Then comes the punch line. Trump picked Kevin Warsh to cut rates, and Warsh walked into Jackson Hole talking like a man about to raise them. Meanwhile the AI boom holding the economy up is borrowing against buildings that don’t exist yet. I lived through 2000 and 2008. The bond market isn’t panicking. It’s doing math. The panicking is our job.
