Milton Friedman and Henry Kaufman of Salomon Brothers in 1984 represented the concentrated bearish view on bonds, with both predicting that Treasury yields would reach new highs, making the 14% level look like a potential test point in an ongoing bear market.

factualpending

Speaker

Jim Grant

Evidence Quote

Milton Friedman said they're on their way to make a new highs. Henry Kaufman of Solomon Brothers... There was... a heavy and well-informed concentration of bearish opinion

Source

We Asked Jim Grant What War Means for InflationExcess Returns
Created: 8/12/2026, 10:39:06 PM

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