This is just breathtaking, as the would-be steepener is now dead and buried. It has the feel of a final and dramatic move. A lot of things are making dramatic moves out there. The yield curve flattening like a pancake, stocks correcting, gold smashing into the target zone and bonds blowing off. Fun times, but it also feels like transitional times.
With gold on a rampage something feels phony about this picture, since over time gold prefers a steepening curve. I think we’re going through a doorway of some kind in H2 2019.
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