As unshorn sheep run blind with speculative shepherds, US treasuries are continuing to float quietly higher on a steady in-flow of investment capital focused on preservation now and coming opportunities ahead…Today back flirting with a 2.50% yield, the 2.30 to 2.50 band is critical support marked below. If yields manage to break below 2.30 once more, the bond market will have called the QE bluff and made the next decisive statement in favor of slowing growth and price deflation for risk assets. Let the big dog eat.
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