It should come as no surprise that the 2y10y Treasury yield spread closed below zero yesterday for the first time this cycle. That’s because punters significantly scaled back their ECB/Fed easing bets ahead of Chair…
We have something of a divergence in Eurozone and US rates on our hand. And while the divergence is not yuuuge, it’s certainly interesting. In the wake of last eve’s FOMC minutes the US Treasury…
Bond yields seem to be bottoming out ahead of the Fed’s annual Jackson Hole getaway, though you never know for sure after such an epic rally. The overnight newsflow wasn’t particularly benign. We had South…
A few remarks on the German fiscal stimulus zombie, which just won’t die. Over the weekend Finance Minister Olaf Scholz added fuel to the fire by reminiscing over the size of Germany’s stimulus in the…
The Trump giveth and the Trump taketh. Bond yields are off the lows after President Trump temporarily delayed tariffs on about a sixth of $300 billion of imports on what we believe are narrow tactical…
Overnight, markets took a turn for the worse. US Treasury yields are close to testing their recent lows, while Asian equities and S&P 500 futures turned red. EM currencies are on the backfoot following the…