Marko Kolanovic: ‘Did The World Change Yesterday? No.’

The financial media was awash this week with headlines about flattening yield curves and what they might be telegraphing about the growth outlook. Rates are chaotic right now. The front-end is attempting to price proactive central banks and preemptive rate hikes. From the UK to New Zealand to Canada to Australia, it's been an absolute melee. At the long-end, crowded positioning could be setting the stage for an abrupt about-face, especially to the extent tightening expectations raise the spect