The Bond Market Is Done Looking Past Inflation

U.S. President Bill Clinton’s key political adviser, James Carville, once said that if he did believe in reincarnation he wouldn’t come back as a world or religious leader, or even a great Major League Baseball player. “I would like to come back as the bond market,” he said. The start of the war with Iran in late February has stoked global crude prices and triggered a fresh round of inflation angst.