Who Wins as Energy Drives Inflation

Who doesn't get a little nostalgic for 2004? Oh, for the good old days of Swift Boats and crude oil prices in the $40s.

Remember all that talk about how higher energy prices were driving bond yields lower because they were a tax on the economy?

Well, if they were a tax then, they must be a tax today. And if energy prices are headed higher now, as they certainly seem to be, should we expect the economy to slow under their weight and bond yields to resume their long-term decline toward Japan-style levels? ...