The 10 to 5 to 2 year spread is indicative of market upset, obviously.
Here is the up to the minute view of 30 year vs. 5 year yields, with a nose diving inflation expectations barometer in the lower panel. A rising yield curve can be indicative of inflation expectations rising if long-term yields are rising faster than short-term yields. Or it can be indicative of deflation fears rising if short-term yields are dropping faster.
US Retail sales figures are the latest issue. Before that it was a leveling of manufacturing (note: ISM new orders) and disappointment in hourly wages within the employment report.
Of importance will be the forward looking stuff like the aforementioned manufacturing data and the Semiconductor Book-to-Bill for December. Of course, gold vs. commodities has been telling us for months now to expect a phase of global economic contraction to some degree.
Meanwhile, most US indexes are clinging to support. Here is one that is losing support…
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