In 1983, Wall Street economist Ed Yardeni coined the term “bond market vigilantes” to describe traders who triggered a violent sell-off due to fears of rising interest rates caused by reckless spending, deficits, and debt.
Today, behind closed doors, it’s fiscal policy vigilantes who are weaponizing their arsenal of unilateral actions to swing the 2024 election and expand the size and scope of government in the process. It is the most insidious form of Bidenomics.
These vigilantes operate within the bureaucracy of the Biden administration. For example, after his demands that the Federal Reserve lower interest rates failed, President Joe Biden’s Treasury Department announced a plan to repurchase long-term debt. This move increased demand for these securities, suppressing interest rate yields and influencing borrowing costs across the economy.
Again, last fall, Treasury…
