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John Authers

Wile E. Coyote Stocks Are Nearing the Cliff Edge

With bond yields rising inexorably, better hope that the market doesn’t look down.

Keep looking straight ahead.

Keep looking straight ahead.

Photographer: Justin Sullivan/Getty Images 

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It is time to take refuge once more in the animal kingdom. To try to explain what is happening in bonds, and the effect it could have on other markets, I will summon two characters from the summer of 2007. That was the period when the coming financial crisis became evident, and when equities were the last to grasp it.