Is the market worried about inflation?
There's been some concern about the small rise in rates seen at the recent auctions for Treasury bonds. The worry is that this could mean that the market thinks inflation is around the corner.
Paul Krugman, however, doesn't think there's anything to worry about and produces a convincing graph to prove his case. Steve Waldman is not so sure and counters with a few graphs of his own. Felix Salmon thinks everyone should stop trying to draw firm conclusions from small, short-term squiggles in data best interpreted over the long term. That seems convincing to me.
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