The Julia La Roche Show · Saturday, September 26, 2026
Chris Whalen argues that the recent rise in long-term bond yields is primarily due to a decline in the credibility of the United States, rather than Federal Reserve policy. He dismisses the Fed's current actions as having little real impact on the market, stating they are 'redundant'.
“I think it's the latter, Julia. I think the rise in long-term interest rates is about the credibility of the United States. And also the noise it's coming from the Trump administration. A lot of what President Trump and Secretary of Treasury Scott Besson have to say about interest rates and policy generally, doesn't make a lot of sense. And I think this kind of scares people. So the reality is it has nothing to do with the Fed. The Fed is as I said on X yesterday, redundant, by the way.”
“It's about their credibility, Julia. That's all they're doing. I don't think they're having any real impact on things.”