Earlier today, Bloomberg reported that the yield on a 10-year US Treasury bond fell below 1.50% for the first time in months. And this happened literally the day before a consumer price inflation number expected to come in at 4.7%. That means the US ten-year yield is deeply negative in real terms. The question is why. And what does this mean for bond investors? “I used to think that if there was reincarnation, I wanted to come back as the president or the pope or as a .400 baseball hitter. But know I would like to come back as the bond market. You can intimidate everyone.” -James Carville, Advisor to President Clinton, 1993 Oh how times have changed. The bond markets aren’t intimidating anyone right now. It’s the Fed doing all the intimidation at the moment. Here’s why. And forgive me if you’ve heard this speech before. The Federal Reserve is the monopoly supplier of reserves.…