There was little suspense: the Fed raised rates by 25 basis points, and afterward, the probability of a rate hike in October rose to 50%.

Same old routine—Trump is still waging verbal warfare on Truth, demanding that rates be “lowered to 1% or below.”

But the real bloodletting is at the long end: 5.01% for the 10-year, 5.35% for the 30-year, and 30-year mortgage rates touching 7%, compared with just 6% before the fighting began in February this year.

Warsh believes there are three reasons bond yields are rising: a strong economy, capital competition—in other words, AI siphoning off money—and geopolitics.

What’s interesting is that seemingly none of these can be fixed by rate hikes. Are they all f*cking Trump’s doing?$XAUUSD