Stock market rallies climb walls of worry. Well, we have no shortage of such worries today! A few days ago, Bloomberg lamented there was “no relief in sight for bonds”. This was ironic because relief —the catalyst for the next big bond rally—is hidden in plain sight. Despite the despair, 10-year Treasury rates are still a ways off from their recent 5% highs last October: Reality Check: Rates Still Lower Than Last Year If they put in a “lower high”—as I’m expecting they will, thanks to a slowing economy and labor market—it will be wildly bullish for bonds (which trade inverse rates.)… Read more