The Phaserl


BOOM: 10Y Crosses 3.00%, Just 50bps Left Until The “Disorderly Rotation”

from Zero Hedge:

UPDATE: As opposed to CNBC’s earlier premature note, the 10Y Treasury cash bond just broke above 3.00% for the first time in 26 months as China gets going…

We are assured by the great and good of the status quo that when 10Y rates burst through the 3.00% barrier (its highest in 26 months) it will not hinder the housing recovery (as affordability plunges), slow equity buybacks (via increased cost of capital), or crush bank earnings (via AFS losses and NIM compression as the curve flattens). Bond yields are rising as a ‘positive’ sign for the economy… must be right? But wasn’t it Steve Liesman just 2 weeks ago, amid his “best nailing it on CNBC in years”, that proclaimed 10Y would hit 2.65% before 3.00%? As we warned 3 weeks ago, a move to 3.0% will create more meaningful outflows from retail and ETFs and 3.5% is the trigger for a “disorderly rotation,” from risk to cash.

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1 comment to BOOM: 10Y Crosses 3.00%, Just 50bps Left Until The “Disorderly Rotation”

  • Tim

    The 10-year yield is down to 2.87. That’s quite a significant drop from yesterday’s high of 3.00. Is this an indication that the Fed won’t taper?

    Gold and silver are spiking this morning, which seems counterintuitive to me. I mean, we know the BLS data nonsense, but if the unemployment rate went down, then gold and silver should have dropped. After all, that means things are getting better, right?

    It’s impossible to make sense of anything anymore. Sigh.

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