Risk Flies ‘ON’ Today

All Treasury yields are up with the curve… yup, dropping.  They are suddenly not scared anymore and are flying out of liquidity instruments.

10.5.2
10, 5 & 2 year yields from Bloomberg

Junk and Junk to quality is snapping back hard and the inflation gauge is even getting a little bounce.  It appears we could get some Santa and possibly even January Effect action in the coming weeks.  Small Caps had a massive day.

hyg

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