The 30-year Treasury yield is at its highest point since the pre-financial crisis era. Corporate earnings are up 27 percent year over year. Consumer sentiment is near historic lows. These three facts are not in conflict. They are the same story told from three different angles, and most market participants are reading only one of them.

What is driving the yield higher is not what most bond watchers are tracking. And the earnings number has a narrower foundation than the top-line figure suggests. Both dynamics point back to the same open question: whether the current narrative on inflation, Federal Reserve policy, and AI valuations holds when examined one layer down.

Jim Bianco of Bianco Research has tracked bond markets and macro cycles for more than three decades. He joins us to discuss what the surface numbers are not capturing and why the new Fed chair may be walking into a credibility test before his first policy decision is made.

Views expressed in this video are the opinions of the host and guest and do not necessarily reflect the views of The Epoch Times.