The bond market is out of control. The US 30Y Note Yield is now up to 5.27%, its highest level since June 2007. This officially marks a +450 basis point rally since the low seen in 2020. At the current pace, we are on track to see US 30Y mortgage rates exceed 7.50% by year-end. And to top it all off, Fed Chair Warsh is now adamant that the market should operate independently, without Fed guidance. Even without rate hikes or Fed guidance, the market is sending rates higher; operating exactly how Fed Chair Warsh wants it to operate. The bond market will soon be the most talked about component of global capital markets. This simply is not sustainable.(The Kobeissi Letter)