So many unbelievable things are happening that once upon a time would’ve been unthinkable. Last week I talked about a 30-year zero-coupon bond being issued above par. This week we have all major European 10yr bond yields below 1%, including Italy.
In fact, Italian 10-year yields are not only below US 10-years, they’re also below the US Fed funds rate, making the Fed funds rate the highest interest rate among the G10 countries – the first time that’s ever happened.
Will we now see a flood of money into USD as an asset currency as people put on carry trades?…
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