Bond Vigilantes Are Testing the New Fed Chair

The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy · May 21, 2026 · 8m · transcript

When Ed Yardeni says the bond vigilantes will force the Fed to hike rates in July, markets listen. In this episode, Lucas and Luna unpack the mechanics behind the recent sell-off in longer-dated Treasuries, the 4.57 percent ten-year yield that has traders rethinking the path of monetary policy, and what incoming Fed Chair Kevin Warsh inherits from a fixed-income market that is increasingly calling the shots. They look at the five-day jump of 25 basis points on the long bond — the ten-year has climbed from 4.32 to 4.57 percent this week alone — and ask whether the FOMC can hold steady at 3.64…