New Long Term Yields... Update 3... They Keep Grinding Higher
With no one to stop yields from grinding higher we have seen new highs on 10 years, 2.72, new highs on 20 years ,2.93, and new highs in long bonds 2.74... For 10 years and long bonds these are the highest yields since 3/19 and 5/19, respectively... For the 20 year, it is the highest yield ever, since the 20 year was brought back to market in 2020... Treasury should have sold 40 years at the time... Nonetheless, the grind is worse than the gap, because everyone expects the grind to stop... It does not... As we said earlier, 8.4% CPI, 10.6% PPI, Brainard on Tuesday and Retail sales before the early close Thursday...expect higher long term rates... S+P taking it in stride, but Faang stocks having issues...