Construction workers build the “Signature Bridge,” replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida.
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Are the travails of the bond market, like Macbeth expounds, a “tale told by an idiot, full of sound and fury, signifying nothing?”
As we grapple with the whole edifice of fixed income, the existential crisis of Treasurys, the multitrillion-dollar market that the tale is based on, I have come to wonder what bonds really are signifying and whether they even matter to our portfolios. I know that’s a radical proposition, but hear me out.
We need to steel ourselves to what may come from a failed set of debt ceiling talks between President Joe Biden and the part of the government that might only nominally be run by House Speaker Kevin McCarthy. The two are set to resume negotiations Monday, with a possible historic government default as early as 10 days away.
