Fifteen months ago, we contrarians started the bond bandwagon . It’s hard to believe now, but back then the financial suits hated fixed income. We faded their fears, bought bonds and benefited. Now, however, I’m cautious on bonds. The 10-year Treasury yield has been on a tear since Jay Powell first cut the Fed Funds Rate. Bond Vigilantes Scoff at Powell’s Rate Cuts You can’t make this stuff up. On September 18, Powell cut rates by 50 basis points. However, this was only the “short end” of the yield curve. The 10-year yield meanwhile (the “long end”) popped from 3.7% to nearly 4.5% in a matter of weeks!… Read more