The mongrel hoard keeps insisting that “everyone” got the yield call wrong this year, and “no one” saw bond prices rising. Nope. A few of us that are free to see big picture trends rather than perpetually sell risk, said growth was slowing and bond yields were likely to fall. Here is my partner Cory’s most recent technical work on US 10 year Treasury yields:
You see without inflation in the offing, stocks at silly valuation highs are impossible to justify. Will the Fed be able to roll out yet another magical mystery tour to stop the weight of an aging, over-indebted population from pulling in consumption and forcing yields lower? Not likely. But impossible odds have not stopped them from repeatedly rolling out kamikaze missions the past 4 years…
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Cory’s Chart Corner
Many will focus the blame of market drawdowns on the tariffs and ignore the fact the SP500 (only a few weeks ago) was trading at 4 std devs above its historical mean…valuation also matters.
The Kobeissi Letter @KobeissiLetterBREAKING: The European Union is preparing further counter measures against newly announced US tariffs of 20%, per CNBC.
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