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Should we be worrying about bonds? Or worrying about everything else…
Blain’s Morning Porridge August 20th, 2026
“There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy.”
With US debt about the breach $40 trillion, Scotty Bessent intervened to stem rising long-end yields. The market loved it, but the reality is that distorting interest rates has all kinds of consequences. That includes the risk an economy focused entirely on financial returns isn’t spotting or addressing real world threats to jobs, growth, conflict, the environment and climate. Maybe it’s time to let rates normalise?
Key Takeaways
Rising normalised Bond yields…
The skinny
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