This blog will provide perspective on the state of and outlook for the bond markets. It will include commentary on the Treasury, corporate and municipal markets. Almost four decades of experience in bond market research, at the Fed, at Chase Manhattan, Merrill Lynch, Baird and Wells Fargo has made me skeptical of the “standard” explanations of bond market developments. My discussions will often take issue with the consensus and especially with the “textbook” analysis often found in the media. I hope these comments prove to be helpful.