On January 24 we waved goodbye to 2.2% on the Continuum and today we wave goodbye to 2.1% and also the theoretical * support line. As per the NFTRH plan that linked long-term yields to inflation expectations and thus commodities and the whole of the inflation/reflation trades, the damn raft of them appears ** to be sinking, at least temporarily taking on water.
* If you believe an interest rate can have support. It’s more of a line of demarcation.
** Coronavirus hysterics are in the markets big time and it remains to be seen whether or not its sentiment destruction (or reconstruction, depending on how you look at it) might be contrarian positive out ahead somewhere.
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