What is happening to the 10-year Treasury?
The fact that yields are coming down, following last week's rate hike by the Yellen Fed, seems counterintuitive. Below is a brief excerpt from a note sent to subscribers earlier this morning by Hedgeye CEO Keith McCullough explaining why:
"... The U.S. 10-year Treasury yield was down to 2.18% yesterday and is holding 2.19% so far this morning with Yield Spread compression (10yr minus 2yr) still testing YTD lows as #GrowthSlowing in Q4 remains obvious to anyone who is rate of change driven and data dependent."
Got it? #GrowthSlowing.