, Columnist
How Much Do Central Banks Fear the Bond Toddler?
So far, it looks like they will give the market what it wants.
I’m going to hold my breath until yields rise 50 basis points!
Photographer: Fox Photos/Archive Photos/Getty Images
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If capital markets can be likened to spoiled and obstreperous toddlers — and they can — then the job of the central banker is to be the harassed parent. As a parent, you have to inculcate sufficient discipline while also making sure that the youngsters can stand on their own two feet, and accepting that they will gain their liberty.