Terrible Tuesday.

That didn’t go so well.


Revisiting The Hierarchy Of Vulnerability (Again)

The bottom line (or at least from where I’m sitting), is this…

David Stockman Weighs In On 10Y Yields At 3%

“In a word, honest bond yields will knock the stuffings out of the mainstream fairy tale that passes for economic and financial reality.”

Bad Things Come In 3s.

This was just the kind of day that makes you dread the rest of the week.

Are We Living In A Self-Regulating System?

I don’t know, fuck it.

‘We Got No More Liquor!’ These Yield Curve Inversion As A Recession Predictor Probabilities Are Sure To Be A Hit At The Bar

If you’re not talking about the inexorable flattening in the U.S. curve in public settings, well then one wonders what the hell it is you’re saying at the bar when you’re spittin’ game to the waitresses. 

All Eyez On 3

The selloff in the long end late last week and accompanying steepening has everyone squarely focused on that oh so scary round number again and yields ticked up a bit more overnight, ensuring that your coworkers will be forced to begrudgingly try and come up with some new factoid about 3% so they can impress their colleagues. 

Around The World In 1,200 Words: Full Week Ahead Preview

As usual, lots on the docket.

Behold: An ‘Incubator For Vicious Steepeners’

Something tells us this is an underappreciated tail risk, indeed.


Aaaand that’s the week, folks.

A Bit Of Confusion.

Well, that was interesting.

Higher Yields Are Bad For Stocks Today And Maybe We Can Blame Commodities 😡


Breaking The Bank.

Beleaguered banks, commodities on the come up, golf, the usual…

Trader: There Is No Better Signal Than This

“Don’t bother arguing with the hard-money gurus about the correct policy course. Just watch the yield curve. The market is smarter than all of us.”

It’s Too Late To Stop Now: The Case Against Bonds

“Understanding the past is crucial to predicting the future.  It helps us come to terms with the fact that just as Van Morrison sang “too late to stop now,” we become addicted to debt and low rates without an answer to the question – how do we stop?”