Eighteenth century cannon are being fired upon the ark this morning. But in the big scheme of things, it’s just grape shot. The ark is impervious to cannon fire and will float past this nonsense into the sunset of mankind itself.
On the other hand, German bunds are getting shattered, rightly so. Yields are up an impressive 6bps, placing the vastly overpriced bund at around -0.10%.
In comparison to the bund, our 10yr looks like a steal.
Today’s big story is in forex. The dollar is surging against the yen, which is great for Japan, not so great for our exporters. But who gives a shit about American jobs anyway?
With Theresa May about to become Britain’s PM, it’s very likely she’ll delay or even derail the process for the UK to exit the EU. She was part of the BREMAIN camp. I believe markets are pricing in this eventuality now.
The Dow is at new record highs.
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fellow advisor walked over to my desk “I’ve got the trade of a lifetime for ya. Short TLT”
Ken Hamm and Kentucky taxpayers open a real ark, TLT sinks. #MakesYouThink
Real fake of a mythical ark, but I get your meaning.
Did you catch Theresa May’s Monday comments? I don’t think she will back away from Brexit