Chart: 2-Year at Multi-Decade Trend Line
Make-or-break
Despite Everything, 10-Year Yields Still Locked in Down-Channel
Lower and lower
Chart: Investors Are Most Bearish on Bonds in At Least 20 Years
The good news is that bond investors have a terrible predicative track record
Robert Kessler: Bull Markets Don’t Last at These Levels, ‘Cash Is Trash’ Motto “Idiotic”
“It’s very difficult to have a bull market starting at the high end of a multiple”
Peak Reopening
Watch out below
Jim Grant: Monetary and Economic Trends Point Toward Inflation
“These are very dangerous things in my opinion and they aught to give people pause about the nature of the currency that they deal with”
Daniel Lacalle: Don’t Believe in a ‘V’ Shaped Economic Recovery
“The second quarter will be important… because it will take away the idea that the recovery is starting to take shape”
Commercial and Industrial Credit Growth is Still Slowing
Since 1948, every time that YoY commercial and industrial credit growth has been this slow has meant recession
David Rosenberg: Excessive Debt & Spending Hangover Will Snap Reflation Trade
“The conditions for a boom-bust”
David Rosenberg: Stagflation Coming, But It’s a Few Years Out
“The world is going to be shrinking”