The ten year Treasury is down to 2.87 or so,the ten to one slope at 57 basis points. We have lost another 5 basis points in slope. Europe done this, mostly on Merkel and Italy worries, no Merkel then the Italian deal is risky.
This is deflationary to the US economy. Deflation, in our economy, means fewer taxes relative to spending. Spending is positive price indexed only, taxes tend to drop with disinflation. So guv has a problem, and Trump needs a tariff income. Mergers become more frequent with shedding of zombie labor force. Migrations up.
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