There are signs that the steroid injections have only just begun. The spread between the 30-year and 5-year yields, a market indicator of "fiscal dominance," is also breaking out (see chart below), suggesting a deep sense of unease in the bond market. On the one hand, short-term real interest rates are falling (calling into question the independence of the Fed), while at the same time, long-term nominal yields (the release valve for deficits and monetary stimulus) are rising.🧐(BloFin Academy)