After the honeymoon phase for bonds ended, the bond market is voting with its feet! Long-term yields remain at high levels, and investors are demanding clearer anti-inflation commitments. The hawkish profile of the new Fed chair has the market beginning to test it rigorously. Inflation risk premium is returning, loose-policy fantasies are fading, and tightening trades may become the main theme.

#美联储 #沃什 #美债收益率 #通胀交易 #Tightening expectations