The Prospector News Michael Fox and Chris Temple of the National Investor break down the Fed’s latest quarter-point “dovish” rate hike, why Treasury Secretary Scott Bessent is losing credibility with bond market vigilantes, and how surging oil prices and global energy shocks are fueling inflation despite accommodative Fed policy. They compare today’s playbook to the Fed’s 1970s mistakes, assess the political crosswinds heading into the midterms and November elections, and explain why long-term Treasury yields near 5% reflect massive credit demand from the U.S. Treasury and tech giants—not just “strong U.S. credit.” Plus: what rising mortgage rates, regulatory headwinds, and commodity volatility mean for portfolios, and why the Fed remains the buyer of last resort even as it warns on inflation.