The next move in interest rates?

It already happened. In the past two weeks yields on the 2-year T. bond soared 40 basis points. Longer term interest rate also rose.

Global yields spiked as central banks talk a lot about inflation. That's the only thing they know how to do effectively -- talk.

Housing prices are falling.
The unemployment rate is rising.
Non-residential investment is slowing.
Business confidence is slumping.
The U.S. auto industry is dead.
State and local governments are cutting back.
Bank credit has been falling since March.
The Fed's monetary base is barely growing in nominal terms.

This is not what happens before a big rise in market-driven interest rates. Quite the opposite. This is what happens when interest rates head lower. The markets always win and they have spoken. They are telling the Fed to stop spooking them.

More, much more when you subscribe to The Peter Dag Portfolio on https://www.peterdag.com/.

George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977