This is such an ominous nothing-burger. Sounds really fucked up, but in actuality means nothing. We’ve learned that negative yields are simply another human mistake, a benign one at that — such as the redundant television remote control or automatic garbage cans.
This is probably your biggest market story this week.. The value of negative-yielding debt just topped $10 trillion (again) pic.twitter.com/iB2eLXRjFv
— David Ingles (@DavidInglesTV) March 25, 2019
The deflationary vortex is real. Those of you without any money know for sure that it exists. The rest of you view it, as I do, as Santa Claus.
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Speaking of deflationary vortex, the bond market has assumed the driver’s seat. Those with a market interest farther than 1 month out should be looking at 10-year Treasuries now. FAANG is yesterday’s chaffeur.