McCullough: "Don't Believe These Politicians, Believe the Bond Market" as Yields Surge on $1T Stimulus Plan

In Thursday's edition of The Macro Show, Hedgeye CEO Keith McCullough laid out the case for staying short bonds after Washington floated a $1 trillion plan to send Americans $5,000 checks ahead of the midterms.
McCullough argued that a government with no intention of cutting the deficit gets one verdict from the market, with yields signaling bullish trade and trend across the curve. "Don't believe these politicians. Believe the bond market. Believe the prices," he said.
U.S. yields rose across the curve, with the 30-year climbing to its highest level since 2007 and a full rate hike now being priced into October's FOMC meeting.