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One of our standing refrains (see Here) since we began publishing our thoughts back in 2011 has been that greater historical perspective was needed when appraising the long-term yield cycle. While we recognize that it’s only one part of the story, we appreciate the unbridled force of nature and inertias it appears to be driven by and the comparatively geologic-time horizons required in understanding its cycle. Greenspan called it the conundrum, predominantly because he had little ability in affecting yields higher. The Clinton administration referred to it as under the influence of bond vigilantes, because they perceived the move in yields as too severe. Both camps were left grasping at straws and we suspect there will be more confusion in the years ahead as we see yields troughing around 2% longer than most would anticipate.