It shot up 240% from long-run average and 500% from a year ago.
Which triggers are driving the action? What’s next?
“The ECB cannot and should not turn a blind eye to risks to financial stability.”
This will dog the stock market going forward.
Ironically, after having lamented the flattening yield curve for a year, soothsayers now lament the steepening curve.
The “up to” begins to matter for the first time.
“But we’re a long way from neutral at this point.”
Because that’s where the money is, on paper. But it’s not where the market is.
Treasury yield curve survives rate hike upright. Yield curves steepen in China, Japan & Germany. Era of NIRP scheduled to end.
The US is “on an unsustainable fiscal path, there’s no hiding from it.”