Quick note: I just noticed that bonds are struggling a bit, plus the USD is getting a bit of a boost.
If I want a picture of real rates on a market basis, not the Fed rates, look at whether or not folks are buying or selling bonds.
Of course the story line is this morning folks are selling bonds to buy stocks. I don't argue the point, but I can't help thinking that rising yields contribute further to the dire liquidity crunch that has been upsetting world markets lately.
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