and manager of the world’s largest bond fund, said all the cash flooding into the economy means inflation may accelerate to 3 percent to 4 percent in three years. Excluding food and energy, prices climbed 1.9 percent from April 2008, according to the Labor Department.īill Gross, the co-chief investment officer of Newport Beach, California-based Pacific Investment Management Co. During the past 12 months, consumer prices fell 0.7 percent, the biggest decline since 1955.
The central bank also pledged to buy as much as $300 billion of Treasuries and $1.25 trillion of bonds backed by home loans.įor the moment, at least, inflation isn’t a cause for concern. What bond investors dread is accelerating inflation after the government and Fed agreed to lend, spend or commit $12.8 trillion to thaw frozen credit markets and snap the longest U.S. “Ten trillion dollars over the next 10 years is just an indication that Washington is really out of control and that there is no fiscal discipline whatsoever.” “The bond-market vigilantes are up in arms over the outlook for the federal deficit,” said Edward Yardeni, who coined the term in 1984 to describe investors who protest monetary or fiscal policies they consider inflationary by selling bonds. Treasuries have lost 5.1 percent in their worst annual start since Merrill Lynch & Co. The 1.5-percentage-point rise in 10-year Treasury yields this year pushed interest rates on 30-year fixed mortgages to above 5 percent for the first time since before Bernanke announced on March 18 that the central bank would start printing money to buy financial assets. Bernanke’s efforts to cut borrowing costs for businesses and consumers. debt, they are also threatening to derail Federal Reserve Chairman Ben S. Fifteen years after forcing Bill Clinton to abandon his own stimulus plans, the so-called bond vigilantes are punishing Barack Obama for quadrupling the budget shortfall to $1.85 trillion. The insanity of Obamanomics is just beginning ->įor the first time since another Democrat occupied the White House, investors from Beijing to Zurich are challenging a president’s attempts to revive the economy with record deficit spending. Put your seat belt on because it's going to be a long rocky ride.
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