It’s like clockwork. Just as long-term yields were beginning to cool down, the 30Y Yield is now back up to 2008 levels. Fed Chair Warsh just said the Fed is committed to their 2% inflation target and inflation remains “too high.” This immediately sent yields higher and it appears that President Trump’s demands for rate cuts will not materialize. We now have a hawkish Fed, record deficit spending, persistent inflation, and an ongoing global energy supply shock. The US Treasury is fighting an uphill battle. We have a long road ahead.(The Kobeissi Letter)