Fed Gov. Fisher is great. (When the time comes, I hope he is our next chairman.)
Fed vs Bond Vigilantes
Bond Vigilantes: What's up bro! (rates rise)
Fed. Reserve: What bro. (Fed expecting a market re-pricing)
Bond Vigilantes: What's up bro! (rates rise above last year's level)
Fed. Reserve: Take a swing bro! ("I don't think anyone can break the Fed.")
Bond Vigilantes: Right here bro! (rates ease off for the day) What makes you the authority bro!
Fed. Reserve: We are the Federal Reserve bro! ("We haven't forgotten what happened to BOE.")
Lets see if they bro-it-out.