A quick word on bond vigilantism and market mania

I am sceptical of the long-term durability of this cycle. But, we have to remember that we had a record-long economic cycle after the Great Financial Crisis. And now, policymakers are not willing to accept impotence, either on the monetary or fiscal side. So, in many ways, we are in a new policy paradigm.

In the last cycle, it was just the monetary side …

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