Before Treasury takes over with all its new debt capacity. So Trump announces tariffs and we get negative curve, stocks down, ten year at 1.9%. Now is the time for Ned to pile onto the ten year market. Ned has a half point of long term free yield right now, if Treasury could act with discretion it could take advantage of these moments. It has no discretion, it is still piling onto the short term debt market. Treasury is stuck in a value chain.
Ned has run out of curve. Deflation path looms and panic ensues. The accounting system wants lower prices when debt hits upper bound. The spectra is still finite dimensional.
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