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Bond yields continue to crash in response to seriously misguided US foreign policy.

Thursday evening, the 5-Year treasury yield slipped below 2% for the first time since November of 2017.

What Happened?

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The short answer is Trump levied Tariffs on Mexico, demanding the country put an end to illegal immigration flowing into the US. Economic risks rose, thus bond yields fell.

Realistically, a recession was baked in the cake anyway. Trump merely sped up the process.

For discussion of Trump's action please see "Hello Recession".

Mike "Mish" Shedlock