Like prisoners on death row, everyone knew this day would eventually come. That didn’t make it any more pleasant when Warden Bernanke showed up at our cell door with a Bible.
With the mere mention of easing on the Easing, the scaffold dropped, and we plunged into a strange new world: a landscape of rising interest rates. Interest rates had been falling for, um, 32 years. Falling interest rates are all most investors alive today have experienced.
By June 24th, interest rates on the benchmark 10-year Treasury note had risen 56%.
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