The Daily Chart: Fed Day

Source: Power Line

It’s “Fed Day” today, when the Federal Reserve is widely expected to hike the Fed Funds Rate by another 75 basis points. At least it is good news for bond buyers? Maybe not. I forget who it was back in the high inflation of the late 1970s who said that inflation transformed government bonds into “wealth confiscation certificates.” Sure enough, this year turns out to be the worst year for government bonds since 1788.