Bill Fleckenstein: Bond Market Rebellion = ‘Game Over’ For Central Bank Control


The global economy runs on credit, so when there’s trouble in the credit markets, EVERYTHING hangs in the balance.

Bond yields have been rising fast around the world this year. So fast in some cases, that things are starting to break.

Just this past week, the UK credit market started melting down — forcing the Bank of England to engineer a desperate rescue by buying 65billion-pounds worth of gilts on the open market.

How worried should we be about

instability in our credit markets? To find out, we talk with investor and analyst Bill Fleckenstein of Fleckenstein Capital.

A Fed Pivot Will Squash The Economy | Michael Lebowitz


Portfolio manager Michael Lebowitz returns here in Part 2 of our interview with him to explain that a Fed pivot may not deliver the happy rescue many investors are currently anticipating.

Like Bill Fleckenstein, Michael thinks if/when the Fed pivots, if inflation is not fully tamed (which looks increasingly unlikely to happen anytime soon), the bond market’s confidence in the Fed will be broken.

As a result, the bond vigilantes will send credit yields higher, not lower as many are currently


In this discussion, Michael also shares his thoughts on which assets are best positioned to protect wealth through the continued turmoil he sees ahead.

Bond Expert Predicts Even Lower Asset Prices Ahead | Alfonso Peccatiello


They say the ‘smart money’ is in the bond market.

But that hasn’t kept it from having one of its worst starts to the year ever, as yields have risen substantially since January, bringing prices down hard.

When the bond market speaks loudly like this, the wise investor listens.

As we look at the environment now, what is the bond market telling us is likely to happen next?

To find out, we welcome back macro analyst & former bond portfolio

manager Alfonso Peccatiello to the program.

Alf sees credit spreads widening further from here, leading to a repricing of risk across the financial markets.

Which is why he ultimately predicts lower prices for nearly all assets later in the year

For a data-packed & chart-rich explanation why, watch our new interview with Alfonso Peccatiello.