For decades the Fed has been following the 2yr UST. Lately, large bond issuance fuels the AI spend boom abetted by iffy ratings. The debt ge

For decades the Fed has been following the 2yr UST. Lately, large bond issuance fuels the AI spend boom abetted by iffy ratings. The debt gets placed but soon trades down, suggesting disbelief in the ratings. I expect the raters will soon have to follow the market and downgrade. -- GUNDLACH