The Obama administration couldn't make the Chinese more mad even if it were doing so on purpose. First, the Chinese were called "currency manipulators." Then came tariffs against some Chinese imports to the United States. Then a controversial meeting with the Dalai Lama has the Chinese up in arms. The newly announced $6 billion sale of military weapons to Taiwan could be the last straw. In fact, three Chinese generals are calling for China to start dumping its U.S. bonds in retaliation, and one of the largest news portals in China is calling for a boycott of all U.S. goods. If Washington, D.C.'s, massive spending spree wasn't enough to drive interest rates higher, any change in China's policy toward U.S. debt will drive interest rates to the moon. If you're a fixed-income investor, find out about the worst mistake and the best move you can make today.
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