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The Money

Or, at least, the last word on bonding -- from this mouth.

Lawyers. Ugh.

JACKSON HOLE, Wyo. -- Your narrator has met with counsel and been advised to provide the following two-part statement.

    On the day the challenger wrote the following column, the yield on the bond closed at 5.46%. It has risen steadily since and now stands at 5.83%. It is up to each individual reader to decide whether (i) a move to 5.83% from 5.46% and then back down to 5.63% (provided that it comes) is Right! and (ii) why a move back down to 5.63% (provided that it comes) would represent success just 33 days after the challenger was convinced that "rates are about to drop to 5.00%."

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Thank you. That is all.