Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Why are the 15 and 90 day durations identical to the decimal point and diverging by 3 basis points at 120 days? I don’t know. And I definitely don’t care. It’s all one and the same thing right now, driving cross-asset-class correlations.
For the last 3-4 months, this is why getting the direction of the US Dollar right has helped me get a lot of big moves in macro right. It has made what is generally a difficult job, easier, for now.
It will end. When? I don’t know. I don’t care about that either.