Below is a brief excerpt transcribed from Monday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.
The 2-Year Treasury Yield hit a new low this morning.
The bond market nailed it. Foreign currencies are nailing it. Commodities have nailed it. It’s just stocks that got whipped around.
The two year yield making a lower low is just another sign that the economy is in a deep Quad 4 event, in which both inflation and growth are slowing at the same time.
We’ve been long 2’s going back all the way to October 2018. So for those of you who are getting whipped around a bit trying to figure out where to buy Gold, the 2-year, the 10-year, or Extended Duration Bonds (which I bought Thursday) know that we have been long them for a long time.
Those are the real bull markets.
Gold was up 6.5% last week. Gold is up 45% over the same period in which the Russell 2000 was down about -28%.
