Bond Conundrum Explained

Check out the accompanying pdf and chart collection. (1) A year of bond-market conundrums. (2) An old stock-market adage applies to the bond market now too. (3) Bond yields fall despite four months of higher-than-expected CPI inflation. (4) Powell’s four pandemic-related reasons not to rush to tighten. (5) The next inflationary shock likely to be in wages. (6) A few bearish indicators for bonds. (7) Fed’s bullish impact on bonds amplified by flood of deposits commercial banks forced to invest in bonds. (8) OPEC+ deal greases bond yields’ slippery slope. (9) Powell vs Greenspan conundrums.