The bond market does. The 10-year Treasury yield hit an all-time low Friday on the heels of the historic Brexit vote and as the flight to safety trade continues as global growth slows.
Here's analysis via Hedgeye CEO Keith McCullough in a note sent to subscribers earlier this morning:
"Our favorite ways to play both US and Global #GrowthSlowing in 2016 continues to be the Long Bond, Gold, and Safe Equity Yields (like Utes) that look like bonds; UST 10yr = all-time lows this a.m. at 1.46% as UK 10yr drops another -13bps breaking 1.0% at 0.96%."
Below is a chart of the 10-year Treasury yield Going back to 1962.
For those of you keeping score, here's a look at the year-to-date scorecard of our favorite Macro call, long the Long Bond (TLT), versus the S&P 500:
- S&P 500: -0.32%