Powell Deputizes Bond Vigilantes

(1) T-Fed outsources maintaining law and order to Bond Vigilantes. (2) Powell not worrying about disorderly markets or inflation. (3) The Fed is patient and dovish. The Vigilantes are not. (4) No twisting at the Fed’s party for now. (5) T-Fed’s party line: Rising yields reflecting strong recovery, not inflation. (6) Rallying commodity prices bearish for bonds. (7) Wage inflation is high. Aberration or a problem for consumer prices? (8) Is Panic Attack #69 over yet? (9) Bull market continues to broaden and rotate from Growth to Value. (10) Movie review: “The Mauritanian” (+ +).