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A subscriber asked how to interpret the historic move in bond yields on a recent edition of The Macro Show.

Hedgeye CEO Keith McCullough put it in context alongside the MOVE index (bond volatility) and high yield credit spreads, explaining that both are signaling negative things for the U.S. economy.

"Every time we hit this point in the economic cycle - like in '01 or in '07 - the Central Planner becomes impotent," McCullough explains.

"A lot of people are going to get fired, especially if high-yield spreads continue to widen and the MOVE index continues to move out because treasury bond volatility continues to go up because people don't know where the bottom is in interest rates."

Watch the full clip above for more.

McCullough: Bonds, Credit Giving Important Market Signal - the macro show