GERMAN YIELDS PLUNGE

I told you the main beneficiary of an easy Fed would be bonds. Germany yields have plunged back into negative territory, now off by 6 bps to -0.05%.

Treasuries are rallying too, as investors position for the grande finale.

Gold is rallying again too, now higher by 0.45%. Gold traders are somewhat more bedraggled and capricious than the obstinate bond trader, so my larger bet will be for treasuries to rally, although at the moment both trades are equal in size.