An Unwise Rise

Inflation? Where? How to cope with a paranoid bond market that's raising the price of money

Interest rates are on the rise, and if you are holding a variable-rate loan or need to borrow now, you may well ask why. You will not be happy with the answer. Wall Street, of course, is ground zero, but don't go looking for logic there. All you'll find is a bunch of paranoid bond traders with more worries than a Woody Allen character. It is these traders who have decided that the prices you pay for gas, Wheaties and SUVs are about to start shooting higher, and so they are selling bonds--driving up bond yields--in what amounts to a demand...

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