No bond market vigilantes

Here’s an essential reminder for these strange times (courtesy of the Adam Smith Institute):

No one at all is looking at UK government policy and deciding that oooooh, no, we don’t like that, we’ll punish them into not doing it. … There are no vigilantes, just people trying to decide what your promises will do to the value of money and thus home in on the price at which you can have some of their money.”

Photo by Sasun Bughdaryan on Unsplash

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