Etiology of a Bond Massacre
Whodunnit?
Tooze did a piece on the 1994 bond market massacre that I’ve been mulling ever since. The essay included these fascinating quote from Yardani who is credited with coining the (in)famous phrase “bond vigilantes”:
Bond Investors Are The Economy’s Bond Vigilantes. So if the fiscal and monetary authorities won’t regulate the economy, the bond investors will.…
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