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‘The Main Story Here’
Two year US yields headed lower for a fifth consecutive session on Monday. The cumulative two-day decline looks to be on par with the largest such drops since 2008.
At one point, 10-year yields fell to 2.07%. Everyone is slashing their year-end targets, even if some desks think the rally has run too far. JPMorgan cut its end-2019 projection to 1.40% for 2-year yields, all the way down from 2.25%. Their 10-year forecast for year-end is now 1.75%. The call comes on the heels of the bank's project
I agree with Kocic. For now Fed is going to ignore Trump co-opts intents. Cuts would be highly mispriced. So bond and equity would sell-off and rate vol. sky-rocket in the near term