Spectacle Ensues after 10-Year Treasury Yield Pierces 5%: Huge Demand Piles in, Yield Plunges 19 Basis Points in Hours by Wolf Richter • Oct 23, 2023 • 119 Comments Yield fixes all demand problems. You just have to hit the right number, and the right number today was 5%.
Why Longer-Dated Treasury Yields Spiked. It’s Not Magic: Yield Solves All Demand Problems by Wolf Richter • Oct 20, 2023 • 254 Comments Tsunami of issuance meets Fed QT, Skittish Foreign Buyers, and US buyers demanding to be compensated for the risks of out-of-control deficits in an inflationary environment.
30-Year Treasury Yield Spikes past 5%, 30-year mortgage rates hit 8%, Mortgage Applications Plunge by Wolf Richter • Oct 18, 2023 • 231 Comments Bond Bloodbath, Housing Market in Deep-Freeze, as delusions fade.
My Take on What QT Has Done to Stocks, Bonds, Commercial Real Estate (Lots of Bloodletting) & What it’ll Do Going Forward by Wolf Richter • Oct 7, 2023 • 215 Comments Fundamentals boiled down to QE or QT since 2009. Now there’s lots of QT, globally, to battle the worst inflation in decades.
20-Year Treasury Yield Spikes to 5.13%. Yield Curve Gets Ready to Uninvert. Juicy Yields Tempt, but Bloodbath May Not Be Over by Wolf Richter • Oct 3, 2023 • 133 Comments “Fed hikes till something breaks.” But honey, the biggest thing has already broken: price stability. And the Fed is trying to fix it.
Treasury Market Gets Memo with Subject Line: “Higher for Longer” but Someone Scribbled next to it, “Maybe Forever?” by Wolf Richter • Sep 21, 2023 • 167 Comments “Neutral rate” creeping higher? Oh dearie! Bloodbath at the long end.
Investment-Grade Corporate Giants Suddenly Sell Huge Amounts of Debt to Front-Run even Higher Long-Term Yields by Wolf Richter • Sep 11, 2023 • 175 Comments Further pressuring long-term Treasury yields, amid fears of bad inflation “surprises.” Share buybacks a lot more expensive, but no problem either.
After some Wavering, Corporate Bond Market Adjusts to Tightest Monetary Policies in Decades and Returns to La-La-Land by Wolf Richter • Aug 30, 2023 • 67 Comments Record QT and big Rate Hikes no problem: Corporate Bond Market Distress Index drops to lowest level since before the Fed started tightening.
Mortgage Rates Adjust to New Era, Jump to Highest since 2001. Long-Term Treasury Market Slowly Coming out of Denial by Wolf Richter • Aug 24, 2023 • 184 Comments The new era of “higher for much longer.” The 40-year bond & mortgage bull market died in late 2020.
Ten-Year Treasury Yield Hits 15-Year High, Market Wades out of Denial, Sees “Higher-for-Longer,” Tsunami of Issuance, QT by Wolf Richter • Aug 16, 2023 • 205 Comments “Higher for longer be damned”: consumers and businesses.