Futures are up a bit this morning as of 1:00 AM central following yesterday's massacre.
However, bond yields are again lower. The 30-year long bond just crashed through the 2% level for the first time ever.
Don't Worry
The Fed has everything under control.
So does Trump, the ECB, Bank of Japan, China, Canada, Australia, and New Zealand.
What can possibly go wrong?
Mike "Mish" Shedlock
The stock markets are getting clobbered and bonds are on fire as recession fears escalate.
Treasury yields continued a massive plunge today with new record lows. I sense a double rate cut by the Fed on March 18.
Bond yields resumed their post-FOMC crash today after a weak two-day respite. Inversions strengthened across the board.
Every attempt of the 30-Year long bond to break out of a decades-long downtrend fails. At the end of October, the long bond yield was 2.96%. Six days into November, it's back at 2.80%. Meanwhile, short-term rates continue to rise. We are a recession away from a new record low yield on the long bond.
Once again, the yield on the 30-year long bond is below 2.0%. I expect a record low yield shortly. Gold will benefit.
For the third time, the yield on the 30-year long bond dipped below 2.0%. I asked Mr. Bond some questions.
Curve Watchers Anonymous notes treasury yields on the 10-year notes and 30-year long bond are within spitting distance of all-time low yields.
The 30-year long bond yield crashed to a record low, gold jumped, and equities hammered as fears of a pandemic mount.
Bonds yields crashed this week. The Fed made emergency inter-meeting cuts last week but that is just the start.
