Everything is about the Fed, bond yields, and inflation right now.  Sometimes I mean that as if I am describing what really does matter, and other times I am just describing what "all the rage" is about.  "Everything is about" may mean what "everything is about," or it may mean what "everyone is talking about."  In this case, we have the weirdest of circumstances where "everyone" is talking about the right thing, but doing so in the wrong way.  Allow me to break through some of the ambiguity.

On a daily basis you will find media reports expressing shock and awe about a 10-year Treasury bond at 1.5%, and it's fair enough to note the speed with which yields have moved in recent days.  But the coverage really has an implicit message in it that I believe needs to be shunned.  And as is always the case it seems, getting to my destination requires a few detours along the way.

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