The Journal says the Fed is not concerned by the recent rise in bond yields. The rise refleects a mending economy, the thinking goes.
That is one aspect, but only a partial explaination for the soaring cost of long-term credit. Massive government spending creating an unending supply of bonds is responsible for the bulk of the move, most observers would agree. The US’s main creditor is loudly trying to change the course of US policy, making investors around globe wary of buying what they see as an asset which is sure to depreciate.
