Monthly Archives: August 2019

The Short-Term Heavy Treasury Curve

Posted on August 15, 2019 by

Before reading further we suggest you look at our latest post, The Perversion Of The Yield Curve Inversion, for some context.   Gravitational Pull Toward Curve Flattening And Inversions Note the structure of the Treasury curve in terms of the amount of … Continue reading →

Posted in Bonds, Uncategorized | Tagged | 3 Comments

The Perversion Of The Yield Curve Inversion

Posted on August 15, 2019 by

We should be on vacation but it never fails that volatility spikes as soon as we leave our desk.   It must be the Ides Of August. Wait, it is.  Et tu Brutal! Nevertheless, we can’t help ourselves and have to … Continue reading →

Posted in Bonds, Fed, Uncategorized | Tagged , | 3 Comments

More Monetary Insanity & The Negative Yielding Bond Bubble

Posted on August 13, 2019 by

Had to get this last one in before we hit the surf. We like to look at the Cleveland Fed’s Median CPI calculation as it removes monthly outliers that can pull the averages up or down.  It hit a 10-year … Continue reading →

Posted in Bonds, Inflation/Deflation, Uncategorized | Tagged , | 3 Comments

It’s That Time…

Posted on August 13, 2019 by

Time for the summer holiday, folks. Happy hunting. See you in September.  

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Deep Fakes Seem So Real…

Posted on August 13, 2019 by

Stunning. Imagine how these will be weaponized in the 2020 presidential campaign. I watched this video last night and it's still freaking me out. A deep fake where Bill Hader *turns into* Tom Cruise and Seth Rogan *while impersonating them*. … Continue reading →

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The Global Consequences Of A Narcistic And Incompetent POTUS

Posted on August 12, 2019 by

The world is starting to move sideways. The market talking heads are so clueless. It’s almost laughable listening to them trying to explain away in isolation how the pieces of the puzzle are starting to converge that will or already … Continue reading →

Posted in Economics, Geopolitical, Uncategorized | 2 Comments

Bring It, Richie…

Posted on August 10, 2019 by

It’s dark out, but gotta believe Richie

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Negative Yields Versus Negative Coupon Rates

Posted on August 8, 2019 by

There is a big difference between a bond with a negative yield to maturity than a bond with a negative coupon rate.   Many in the market conflate the two. We are searching for bonds that pay a negative coupon rate.  … Continue reading →

Posted in Bonds, Uncategorized | Tagged , | 11 Comments

“Rent Control” Problems Emerging In Bond Auctions

Posted on August 8, 2019 by

  Hat Tip: Gregory Mannarino  @GregMannarino The bid-to-cover ratio, indicative of the number of investors who put in offers to buy the debt and a gauge of demand, stood at 2.19. That is down from the 2.4 recorded in the last sale … Continue reading →

Posted in Bonds, Uncategorized | Tagged | 4 Comments

The Good Ol’ Daze…

Posted on August 8, 2019 by

I loved this commercial when everyone was a stock market genius back in the late 1990’s, that time was different, and eyeballs trumped earnings. Let's Light This Candle #1999 https://t.co/uM7qM6RjuR — Rudy Havenstein, Smiling Politely (@RudyHavenstein) June 23, 2015  

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