Ned wanted to pay off that short term credit with his new found debt power.
We would think he could raise the ten year near 2% and lower the short term from 2%. Instead, all the yields have fallen. A bad sign, somewhere, a sign of deflation popping up soon. I am thinking the bond market is betting doldrums slow sub 2% growth for a few quarters at least. A bounce into deflation, perhaps, with barely positive growth but no real blue bar. This has become the positive bet, trade is the longer term issue now.
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