He’s the one in the middle, looking like he’s bracing for something…
The 10yr yield has officially hit 2.9% today (the 30yr still has a bit of headroom to 3.3%). It is not lost on me that there is much talk of inflation in the air, sort of like a mini Q1, 2011.
It’s easy to get worked up about interest rates and inflation today. But on December 4th? Not so easy; yet there we were forecasting 2.9% on the yield.
The way these things go, few will remember those calling for higher yields months ago. They’ll remember the heroes and promoters calling it now, managing the thrills and spills for enthralled casino patrons. Also typical of the way things go, this will probably overshoot, making me look wrong for a while about the 2.9% limit area (+/- .2% or so) view.
And maybe it’ll prove wrong this time (I’m open to that). But folks, if the Continuum’s limiters are not wrong (again), you’re gonna hear about it. I just get annoyed at the noise out there that always attends situations like this as things start to get hysterical (i.e. picked up by the masses).
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