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Fortune
Fortune
Eva Roytburg

The 30-year yield hasn't been this high since the Great Recession. Do the bond vigilantes ride again?

(Credit: TIMOTHY A. CLARY / AFP via Getty Images)

Back in 1993, the great Democratic strategist James Carville—famous for his quip, “It’s the economy, stupid”—told the Wall Street Journal that he used to think that if reincarnation existed, he wanted to come back as the president, the pope, or a .400 baseball hitter.

“But now I would like to come back as the bond market,” he said. “You can intimidate everybody.”

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