Bond markets continue to flash a warning

Week ending Friday November 17th 2017 A busy week in data but no major signals. Markets were volatile. The USD fell partly due to potential tax reform negatively affecting the deficit and partly due to EUR strength. The grinding flat of the US yield curve continued as the 10yr less 2yr spread dropped towards 60bps from 75bps. Short rates continue to climb higher, but are not budging longer rates. Monetary offset coming soon to the US? US politics was mostly center stage as tax cuts made more progress through Congress but with little clarity on related expenditure cuts. Financial engineering…

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