I try to see the market as it is and not let the nefarious goings on beneath the surface affect me too much. Indeed I feel more like laughing than decrying foul play by manipulative forces because this is just plain funny. The Fed stepped up to sell allow bonds to mature this week and (I assume) those who puked the stock market and went risk ‘off’ stepped up to buy. It’s just comical is all.
And today, a whole day after SOMA’s May 31st disgorgement maturation yields are springing back up. And by the way gold fans, the yield curve is still very depressed and today’s activity is not on a steepener.
Here’s the 10yr yield. As noted, I am now neutral on bonds, which means I am also neutral on yields.
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