With US Treasury markets closed, all eyes are on Bunds which are pushing on further above the cruclal 0.00% they broke Friday. Touching 5bps (yield) today, 10Y yields are nearing the upper bound of their post-Brexit range… as Deutsche Bank is bid.
Despite the un-taper announcements, Bunds are being dumped…
And it appears – as we noted earlier – that allowing the most systemically dangerous bank in the world to cheat on stress tests signals a TBTF buying opportunity…
Charts: Bloomberg
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