Last night Apple warned and this morning the ISM posted an unexpectedly low PMI report.
Bond yields plunged.
Despite the flattening and now inverting yield curve, note that the spread between the 10-year and 7-year bond actually rose since January 1, 2018.
The spread between the 30-year long bond and the 10-year note is nearly what it was a year ago.
I believe this is a strong bond market signal that the end of the bond bull market approaches. It's possible it's already over. But I do expect one more strong push lower in yields as recession hits in 2019.
We have enormous deficits as far as the eye can see from a starting point of $22 trillion in debt.
Mike "Mish" Shedlock