Last night Apple warned and this morning the ISM posted an unexpectedly low PMI report.

Bond yields plunged.

Apple Cites "Mounting Uncertainty": APPL Down 7% AH, Nasdaq Futures Down 2.3%

Sharp, Unexpected Decline in ISM Numbers Led by Plunge in New Orders

Debt Watch

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.

Got Gold?

Mike "Mish" Shedlock

Number of Yield Curve Inversion Points Rises as the Long-Bond Yield Dives

The US Treasury 5-year yield is now inverted with 3, 2, and even the 1-year treasury yield.

Hello Treasury Bears: 10-Year Bond Yield Approaching Record Low Yield

Treasury yields are down again today, the 6th straight day of strengthening inversions. 30-year to FF inversion on deck.

Bond Yields Crash On ISM Report, More China Tariffs: Inversions Strengthen

The long end of the yield curve continued its post-FOMC decline on poor manufacturing reports and new Trump tariffs.

Yield Curve Recession Watch: 7-Year Treasury Yield Inverts With 1-Year

The yield curve is inverted in six places. Notably, the 1-year T-Bill yield inverts with all durations through 7 years.

GDP Estimates Tumble on Abysmal ISM Report

GDPNow and other GDP estimates took a dive today on weaker than expected manufacturing reports.

Bond Yields Surge in Italy Yet Complacency Still Abounds

Italy's Bond Yields Widest to Spain in Six Years

30-Year Bond Yield Just a Hair from Record Low, 2-10 Yield Spread Near Inversion

Bond yields resumed their post-FOMC crash today after a weak two-day respite. Inversions strengthened across the board.

Recession Signal Getting Louder: 5-Year Yield Inverts With 3-Month Yield

The yield curve is inverted in 11 different spots. The latest is 5-year to 3-month inversion.

Bond Yields Crash and Gold Soars on Pandemic Threat

The 30-year long bond yield crashed to a record low, gold jumped, and equities hammered as fears of a pandemic mount.