“I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everyone.”
– James Carville
The Through Line: Global bond markets have been sending thought-provoking signals all year for those paying attention. They’ve hinted displeasure at mounting government deficits. They’ve waffled between optimism in stronger-than-expected growth to caution over the hit economies could take from accelerating trade wars. Decoding those messages is useful for all investors as yields on longer-dated sovereign debt can deliver more nuanced insight into an economy’s long-term trajectory than shifts in central bank policy.
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