The Long End Speaks: Yields Aren’t Done Rising

Why Powell can cut rates but can’t control the 30-year

“You have power over your mind — not outside events. Realize this, and you will find strength.”
— Marcus Aurelius, Meditations

For four decades, investors lived in a world where the Federal Reserve appeared to be omnipotent. The narrative was simple: when growth falters, cut rates; when inflation rises, hike them. Bonds rallied, stocks wobbled, then recov…