Life below zero...
JAPAN 2-YEAR YIELD FALLS BELOW ZERO FOR FIRST TIME SINCE JULY
The last 4 times the 10Y Minus 3M Treasury Yield Curve inverted, it led to the 1990s recession, the Dotcom Bust, the Global Financial Crisis, and the 2020 Recession.
Will this time be different? 🤔 Source: Barchart
Could a hot US job print invalidate the downward trend in bond yields?
The US 10 year is flirting with the massive 4% levels again. A close above it and things could become even more "dynamic" to the upside. Note 21 day right here, while 50 day remains way higher. Source: Refinitiv, TME
Bond trade looks a bit crowded: Record 62% of Fund Managers polled by BofA in December expect bond yields to be lower in 12 months’ time.
Source: BofA, HolgerZ
A BofA report shows the remarkable correlation between the Austria government 100-year bond and Ark Invest Innovation ETF
Their point: if bond yields are going "tactically" lower, "distressed tech" is set for a big rally... Source: BofA, www.zerohedge.com
Global Property Guide
Q2 2023 gross rental yields for apartments/condos in over 250 cities across 60+ countries: Dublin: 7.70% Istanbul: 6.21% Dubai: 6.13% Warsaw: 6.02% Madrid: 5.27% Athens: 5.25% Amsterdam: 5.00% Singapore: 4.78% Vienna: 3.29% Zurich: 3.11% Hong Kong: 3.08% Source: https://lnkd.in/eTaAkcHM
What a day...
The US 10-year note yield fell sharply to 4.49%, after CPI inflation hits 3.2% in October. The 10-year note yield went down 20 basis points in 24 hours. Meanwhile, the U.S. Dollar Index $DXY had its biggest drop in more than a year. Source: The Kobeissi Letter, Barchart
Looks like it will be one of the most crowded trades to come
61% of Fund Managers from BofA Fund Manager survey expect lower bond yields, most on record, despite 2nd highest ever saying fiscal policy is too stimulative. Source: BofA, HolgerZ
