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Bond vigilantes are back; how long can the Federal Reserve keep pretending to sleep this time?
If maintained until the end of this fiscal year, interest expenses will increase by about $8 billion; if extended to the 2027 fiscal year, it will exceed $30 billion.
Market concerns over inflation and expanding deficits have triggered bond sell-offs, with the Federal Reserve's response seen as insufficient, and bond vigilantes reemerging.
The rise in long-term interest rates has also increased mortgage rates, and the market may discuss issuing more ultra-short bonds or restarting reverse repurchase operations.