No surprises here: The Fed hiked rates by 25 basis points, and after the decision, the probability of another hike in October rose to 50%. The usual show—Trump is still ranting on Truth, demanding rates to 'drop to 1% or lower.' But the real bloodsucker is the long end: 10-year at 5.01%, 30-year at 5.35%, and 30-year mortgage rates hitting 7%. Back in February before this all started, it was just 6%. Walsh thinks there are three reasons for rising bond yields: strong economy, capital competition (aka AI grabbing money), and geopolitics. What’s interesting is that none of these seem fixable by rate hikes. Are they all thanks to Trump?