Although a market is driven more or less by the whims of mass behavior, it seems folly to anthropomorphize the bond market to be a thinking being. Market analysists are very prone to this. Each day, they find a reason why the market went up or down on the basis of this or that, as though they knew, or had consulted John and Jane Market. When you wonder if the bond market has it right, you are part of that market. Do you have it right?db
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