Bond market experts have been totally wrong about bond markets.

This is not terribly surprising given than this is the same class of people and the same kind of problem that led to overvaluing the housing market a decade ago, and the stock market…

There is basically no field in which experts are very good at predicting the future.

This statement is funny and accurate:

“I don’t expect the consensus to be right, I’m just surprised by how wrong it has been,” Jim Bianco, president of Chicago-based Bianco Research LLC, said by telephone on May 28.

And yet, they all still do it, and people still listen.

-JD Cross