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Ten-year Treasury yields had traded in a Coach Outlet narrow-range for about four months, on the presumption that a weak economy would continue to count on Bernanke’s monetary support Coach Outlet Online (particularly of the bond market). On March 13, the policy-setting Federal Open Market Committee (FOMC) acknowledged an improved recovery, Winter Clothes but did not mention more quantitative easing, or bond purchases, were on the way, sparking a violent sell-off in Red Bottom Shoes Treasuries (exacerbated by JPMorgan’s dividend announcement the same day, which triggered a rally in financial stocks) as market Red Sole Shoes players fled a bond rally they considered fixed by the Fed.
While Bernanke delivered calm to bond markets on Red Bottom Heels Monday in a speech that promised “continued accommodative policies,” the violence of the sell-off speaks to Schiff’s argument. Louboutins Outlet “We consume more than we produce and we borrow abroad, but we are never going to be able to pay them back,” says Schiff.
The controversial investor and commentator Christian Louboutins Outlet expects a massive crash over the next two to three years as a bond market bubble, coupled with the U.S. dollar, collapses under the weight of excessive debt. Schiff, like PIMCO’s Bill Gross, doesn’t believe in the current deleveraging cycle.