Real Vision managing editor Ed Harrison welcomes James Bianco, president of Bianco Research, to the Daily Briefing to make sense of the massive rout in long-dated Treasury bonds that is perturbing every aspect of the market—from high-flying growth names like Tesla to gold to Treasury inflation-protected securities (TIPS). Bianco connects bond market indigestion to that lingering question around inflation, and hazards that industrials and financials will fare the best on a relative basis. Bianco and Harrison look at the Fed Fund futures, which indicate that the market is pricing in a rate hike. They also discuss the outflows out of the series of ARK innovation ETFs.