The bond market gets interesting again, to just about everyone’s chagrin

“I perceive a weak bond.” —A Midsummer Night’s Dream

The single most important number in all finance, the 10-year Treasury bond yield, has been so strong for so long that any sign of weakness causes alarm.

The yield, which moves inversely to price, has risen noticeably in the past few days, to 1.54%. That is the highest it’s been since early June.

We shouldn’t get too concerned yet, even though congressional Republicans seem intent on shutting the government for the seventh time since 1990 while replaying the debt-ceiling fight that in 2011 cost the nation its AAA credit rating.

Let’s remember that the yield on the 10-year bond

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