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May you Live in Less Interesting Times

I’m back from a series of fortunate events not the least of which was watching, distantly, events from the touch of 3.12% 10-yr yields on May 18 to the plunge post Memorial Day to near 2.75%. I would like to think the time on my ‘back to the front tour’ of some European battlefields gives me perspective on many topics.

First, we surely knew (but apparently didn’t heed) the softer tone to Europe as evidenced by the EZ Citi Surprise Index at -100 early in May, the weakest level in seven years. Something was underway already and weakness in this aggregate was evident across the globe. Yet rates continued to rise until quite recently. Read more from David Ader's latest musings...
May you Live in Less Interesting Times

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