Return-Path: Received: from a.mx.ledgerlines.example (a.mx.ledgerlines.example [198.51.100.24]) by mx.73ai.org with ESMTPS id 991ab2 for ; Sun, 30 Aug 2026 11:00:41 +0530 (IST) Received: by a.mx.ledgerlines.example with SMTP id 22c1f0; Sun, 30 Aug 2026 05:30:39 +0000 (UTC) MIME-Version: 1.0 Date: Sun, 30 Aug 2026 05:30:38 +0000 (UTC) Message-ID: Subject: The bond market, again From: Ledger Lines To: pj@73ai.org List-Id: Ledger Lines List-Unsubscribe: X-Campaign-Tags: bonds,rates,quarterly,long-form,subscriber-only,archive ,resend,segment-b Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Rates did the one thing nobody had written a note about, which is nothing at all. Here is what that means for the long end. The full piece is on the site. This mail is the summary.