My inbox went from chock-full of “Why rates are gonna rip!” email (2-4 weeks ago) to crickets as the entire complex of long-term global yields falls alongside GDP growth expectations.
Take a look:
- UST 10yr 1.54%
- Swiss 10yr -0.60%
- 10yr Bund -0.16%;
- even Dutch 10s go negative this am -3bps to -0.03%
In related news, it's still rainbows and puppy dogs for Old Wall Consensus and its media enablers.
We'll stick with what's working.