". . . sitting on some trillion dollars plus of Treasury bonds, I'd be nervous too. In fact, I'd be shortening duration like a madman, laying off anything but the shortest end of the T-bill curve and hedging like crazy, all the while doing my damnedest not to get caught so as to not ignite a stampede and risk getting trampled.
"Oh wait: They are."
(Hat tip: WRSA.) UPDATE 11:58 p.m.: With some help from Instapundit, we are reminded that things only ever go one direction in the Magical Land of Hope -- from bad to worse: The bond market goes sideways, pushing up interest rates, and the DJIA loses 173 points.
IT WON'T WORK! UPDATE II: Linked at Protein Wisdom.
UPDATE III: "Bond vigilantes"? Hmmm. Sound like extremists.
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