A “Soggy” Bottom Morning

  Ok, so you should note that 10Y JGB yields dipped below zero overnight for the first time since November 16, falling in sympathy with Treasury yields. Obviously, that's problematic for what it says about the market's faith in the the reflation meme, but it kinda felt like a lot of people rushing to comment on Tuesday evening had forgotten that 0% is the target for the BoJ. And indeed when the central bank maintained the purchase amount for 5-to-10 year maturities as it conducted its