THE BOND MARKET HAS ALREADY CRASHED

And why the 'tourist is ringing the register on his bond shorts

A couple of days ago, one of the most celebrated bond proponents of the past few decades subtly shifted his attitude. Previously, he was an unabashed bull - no matter the circumstances. Yet, at the end of his most recent missive, he warned that pain could be in store for the bond market if the Federal Reserve didn’t respond correctly. It might not seem …