China 10 Yr Yield is dropping like a stone.
Irving Fisher Debt Deflation spiral in real time? 1.63% Source: James E. Thorne @DrJStrategy
The Japanification of China: This has to be a contender for the chart of 2024 (30y bond yields).
Source: Albert Edwards
Next year, $3.08 trillion in US Treasury notes and bonds—about 12% of the total—will mature.
At current rates of ~4.46%, rolling this debt would raise the interest expense 54% over the current average coupon of 2.88%. That is an extra $48.7 billion in annual interest expense. Source: Bloomberg, Joe Consorti
10-Year Treasury Yield closes at highest level in almost 8 months 🚨
Source. Barchart
The long S&P500 ($SPY) / short US treasuries 20y+ ($TLT) makes a lot of sense from a macro perspective but is very consensual and looks very extended
See ratio below "In the end, trees don't grow to the sky, and few things go to zero." Howard Marks Source: Guilherme Tavares @i3_invest
Is this the Santa Rally?
US Mortgage Rates Surged Back Over 7% Today Source: Amy Nixon on X
Money market funds have just hit RECORD levels
Surpassing the $6.5 trillion mark Source: Win Smart
The chart of the day:
France’s benchmark bond yield matched Greece’s for the first time on record, the latest milestone in a week marked by mounting anxiety over the fate of Prime Minister Michel Barnier’s government. The rate on 10-year French notes, traditionally considered among the safest in the euro area, briefly rose to 3.03% before paring the move. That was the same as comparable Greek bonds, a country once at the heart of the European sovereign debt crisis. Investors are concerned that France may struggle to pass a budget for next year, with the far-right National Rally party threatening a no-confidence vote to bring the government down if its demands aren’t met. While French bonds rallied after Finance Minister Antoine Armand said he is prepared to make concessions on the 2025 budget, that did little to dent months of underperformance. “France is not Greece,” said finance minister Antoine Armand. "France has . . . far superior economic and demographic power which means it is not Greece.” Humility at its best... Source: FT, LSEG
