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Bond Yields Are Puking…
The 5Y Treasury yield is down 25bps this morning.
Read that again… 25bps!
The entire Treasury curve is re-rating lower as recession risks soar (Manufacturing surveys look ugly this morning)…
The 10Y yield has plunged below 3.00% – now testing 2.80%… (and 5Y yields are also at 2.80%)
Bonds are rallying from their cheapest level relative to stocks in 11 years…
And market expectations for Fed hikes are tumbling while subsequent rate-cut expectations are rising…
A very dramatic difference from The Fed’s Dot-Plot expectations…
Mr. Powell, you have a problem!
Tyler Durden
Fri, 07/01/2022 – 10:11
