Why vigilantes are again stalking the US bond market
Three decades ago, bond vigilantes pushed the US government into cutting budget deficits. This time around, the task is harder, regardless of how high bond yields climb.
The bond vigilantes who reigned supreme three decades ago, punishing Washington for running up yawning budget deficits by dumping US government bonds, are once again flexing their financial muscles.
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Jill Margo was a senior writer at The Australian Financial Review.
