Less than 5% of S&P 500 stocks yield more than the 10-year Treasury yield, the fewest since May 2007.
Source: Rob Anderson
The US-China bond yield gap is about to hit all time high.
The US 10-year yield hit 4.81%, its highest in nearly 3 years, while China's stayed flat at 1.69%, pushing the gap to 312 basis points. The Fed is fighting inflation with higher rates while China is fighting slow growth with lower rates, and that split is what's driving the gap wider. Source: Bull Theory Activate to view larger image,
Bessent’s bond-market victory didn’t last long. US 30y yields are back at 5.27%, wiping out the gains from Treasury’s surprise buyback expansion.
And the selloff is global: UK 5.86%, Japan 4.18%, Germany 3.82%. Message from bond vigilantes: deficits + inflation > intervention. Source: HolgerZ, Bloomberg
When was the last time any Fed chairman raised rates with $8T in USTs (over 25% of US GDP) maturing in <1 year?
Source: Luke Gromen
The gap between the SPX and the inverted US 10-year yield is getting very wide. The obvious question is how far the 10-year can move before it starts spilling over into equities.
Source: TME
Iran war risk is still there
Source: Bloomberg Economics
If today’s crash in AI infrastructure stocks has you worried, zoom out.
Token demand just doubled in a single month. And every additional token requires more: • GPUs • Memory • Interconnects • Power The internet took roughly a decade to reach mainstream adoption. AI usage is now doubling in just four weeks. Source: Michael Sikand
PRESIDENT TRUMP says he's NOT trying to force Iran to the bargaining table and "couldn't care less" if they sign a deal.
"When are the Iranian people going to rise up and fight?" Source: Bull Theory
