New York CNN —
In early 1993, President Bill Clinton looked to push through the economic stimulus package he had touted on the campaign trail.
But those promises were stopped dead in their tracks by a formidable opponent: the bond market.
Clinton was forced to abandon much of the economic plan and shift focus to fixing the budget rather than risk skyrocketing interest rates that would tank the economy.
That episode demonstrated the power of the bond market to check policies that investors disagree with –– even ones championed by a president emboldened
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