If there was some small entertaining distraction from the gathering events in 2014, it was watching economists try to explain bond yields. Economists dont get bonds; they never have, not for lack of trying. Since the media defers to economists on finance as well as economy, when it has been proven it should defer to them in neither case (economists are statisticians and little more), the vast bond market goes about its business incomplete in the market service it more fully provides.
Expectations were established very early on that year. It may not be memorable now, but the big…

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