More broadly, this isn’t a big surprise, but the timing of this coming after Bill Gross’s missive yesterday really rankles. Does everyone have to hop every time Gross complains? Is he the bond market incarnate, or just channeling its animal spirits?
Or maybe his warning of an incoming financial tsunami if the government didn’t do something wasn’t a bluff. What he meant it and wasn’t just talking his book? And Paulson agreed.
It’s either that or the bond markets really do tell D.C. what to do. Hmmm.