(https://news.google.com/rss/articles/CBMipgFBVV95cUxONjdXTjRMdFdlUHMtSWYtU3oxYUxXUHdZYjRsYy1Nak94VGkzVFMyVXd2dDBNY05ORHNjU2JORFFsazdxVFI1TGJ3bUp5dW1SeDVLQmZaeWs3dUY1cDRFYXhEbU9nRVdHS3g5UGZaMWg0YkkycmhSeU5uTnNIeHItQVlKbVRERVdVY0djV3RiRnhSM3V0VHRkMlJYTEdOLWRYWmpSeEtR?oc=5) isn't really about monetary policy anymore — it's about who pays the government's bill. The long end of the curve is refusing to fall because 30Y rates are pricing in structural fiscal deterioration, not Fed credibility.

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