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Opinion
John Authers

Fright in Bond Markets Feels Like 2007 All Over Again

Contradictions in the U.S. economy are about to come to roost. The difference this time is high inflation.

Paul Volcker took inflation out of the equation for nearly 40 years.

Paul Volcker took inflation out of the equation for nearly 40 years.

Photographer: Diana Walker/LIFE Images Collection/Getty

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I suppose I should be grateful. I’ve been writing regular markets commentary for a long time. If I haven’t seen it all, I’ve seen a lot. But the last few weeks provide a great antidote to ennui. I’ve never seen anything quite like this —  and as I lack experience, no, I’m not sure I can explain it or predict what happens next.