I was looking at the 10 year bond yields, since there's talk of those going up with the Labour shenanigans.
Labour people often claim that they're below the Liz Truss peak. But surely bond yields will take inflation into account, since the yield should return value in real-terms, ie discounting expected inflation over the next 10 years.
So with inflation dropping steadily since 2022, we'd expect the yields to have come down pretty significantly since Truss, because of lower inflation.
But they haven't.
So in real terms, the bonds yields show an 'idiot premium' already several percentage points higher than that applied to Truss.
Have I understood that correctly?