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When The Bond Market Breaks, The Fed Will Be Powerless To Stop It | Bill Fleckenstein

Adam Taggart | Thoughtful Money® May 12, 2026

Summary

Bill Fleckenstein warns that passive investing is creating a giant mindless robot that distorts market pricing, making traditional market analogies obsolete.

The bond market poses a critical systemic threat; Fleckenstein predicts there will be hell to pay when it finally breaks and the Fed is powerless to stop it.

Gold and miners are positioned for another leg higher, while specific idiosyncratic investments like PureCycle Technologies and Glass House Brands offer compelling growth.