The long-end of the US Treasury curve rallied on the week (for the first time since Trump's win) with 30Y yields ending down almost 3bps, as a last minute panic bid hit stocks and bonds at the early market close; and despite the exuberance in US bank stocks, the yield curve continues to collapse…
At the cash equity close today, bonds and stocks were suddenly both bid… with 30Y back at 3.00%
10Y and 30Y yields ended the week lower for the first time since Trump but the short-end remained weaker…
Bonds decouped from Yuan weakness…
And despite all the exuberance over 'growth', the yield curve is collapsing…
Decoupling completely from the high NIM expectations of banks….
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