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10 Year Yield Plunges To 2.57% As Bond Market Goes Full Retard
The surge in the 10 Year has just gone full retard. In the meantime, behind the scenes of Wall Street's rates desks there are some serious Tijuana donkey shows going on.
And here, courtesy of credit trader, is what an exponential move higher looks like. In this case, this is the 10s30s, which BofA recommended flattening last week. Coin flipping indeed.
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Is it the bond market or the equity market that's gone full retard? "And everyone knows you never go full retard"
The 10 Year doesn't read scripts. Scripts read the 10 Year
any follow-up thoughts on risk-bond pair since the morning post?
ES has to drop to 1,068 for convergence although pair appears dislocated beyond repair right now due to major liquidations at both MS (2s10s steepener) and BofA (10s30s flattener) desks.
I read BACs note a while back mentioning a great hedge for the flattener plays with some long dated swaptions or basically underweighting the long end of the curve.
But also, why would the market dislocation in USTs matter on a broad basis - one desk's fuckup is anothers black on their P&L. At least, any decent sized fund (PIMCO advocated this a few months back) would have hedged with puts on longer dated treasuries.
Great market colour, thankyou. You'd make a hell of a broker. (sorry, sorry...)
I doubt retards can read:
http://www.youtube.com/watch?v=vIe1hn56m9w
I'm Spasticus, Spasticus, Spasticus Autisticus!
http://www.youtube.com/watch?v=6isXNVdguI8
Even when all the President's men are desperate to jump-start housing?
The effort put in to hold equities up is at 100000 psi. Sooner rather than later we will have the market equivalent of the Macondo well on Wall St. What next 10 year at 2%?...f'in it is already insane right now.
Hehe. I'll say it again: 2.5% will seem rich when yields are 0.25%
I take my investment advice from Yahoo Finance: "Wall Street's down for 2010, but Some Still See Hope".
Also, Reuters: "Banks ease lending standard for first time in 4 years" (clearly they didn't get the memo about 2001-2008.
As told to me by respectable news outlets. It is time to go long on borrowed money.
Bermonkey is straining at the controls to pull the C130 up.
EVERYTHING IS FINE. WE WOULD LIKE TO POINT OUT THAT THE PLANE IS NOT UPSIDE DOWN (THAT IS GOOD), AND NOT UNDER WATER (THAT ALSO IS GOOD).
PLEASE ENJOY THESE COMPLIAMENTARY PEANUTS.
Mikla and assetman have been funny lately. It must come from using Geihtner based avatars.
Printing Presses in the Fed might as well be Oxygen Generators in cargo holds or jammed trim actuators in stabs.
"Global Sanity Control this is Austerity Air, I've got a visual on Capitalist Air...yeah, he's in a big huge deflationary dive and doesn't seem to be pulling-out...his T's seem to be ineffective, offering no lift whatsoever...wait a second...their pushing money out of the doors, tonnes of money...of shit, he's down...GSC, there's bits and pieces of Capitalist spread all over, , over what looks all the world to be an oil slick in the Gulf."
Pilot on loudspeaker: "Thank you for flying Hope and Change Airline. We will be landing in 30 seconds. Don't forget to remove your belongings from the overhead rack. Please watch your step when exiting."
Makes me sick just staring into that abyss.
Only in a few instances have I seen Tyler go "Chicken Little", and this isn't one of them (the freon leak at the nuclear plant is what I am referring to here). He's about as far from "full retard" as you can get.
And yet, tmosley and the bond markets happen to have much in common.
FWIW I'm kidding. I've actually come to somewhat like you over time.
"I've actually come to somewhat like you over time."
I'm guessing he somewhat couldn't give a flying fuck.
And you're only somewhat a prostitute for truckers, as your posts yesterday would indicate.
EVERYONE knows that if you pull off full retard though, that's an academy award ;)
Gold bitchez!
(How'd I do? Did I get the Oscar?) LOL.
Sean Penn missed that memo.
Yet Sean did so well playing himself in Ridgemont High. His Glory Days.
<double post>
<sry, triple post>
best headline ever....
Oh... and the Simple Jack reference is even better!
I'm holding out... I don't just expect Full Retard... I'm waiting for Hyperactive Retard.
"I work with retards..."
http://www.youtube.com/watch?v=AEBn-uLTzYA&p=3C8D49CBD1476D46&playnext=1&index=13
Hey, guys, knock it off, will ya---my sister's a retard.
What a coincidence! So is her brother! It must run in the family...
I work with retards. . . I love those goofy bastards.
Who is rolling on snorting too much of their Adderall to combat the Xanax effect.
holy short covering the bull steepener, batman. capitulate!
fantastic pic, BTW, that's hysterical.
+1
I blew snot lol.
obligatory...
http://www.youtube.com/watch?v=SvW2eYnbj10
Tyler, you really know how to make my day.
Haha, seriously - I did not see that picture when I posted - Aaawesomeness!
You know things are fuc'd when Tony Robbins feels compelled to make a 'Economic Warning' video. Enjoy!
http://www.youtube.com/watch?v=Z_rShZA_IjE
He's received a lot of shit, but right here he talks more sense than most other media figures...
He surprised me with his knowledge...he must read ZH!
Right on mate!
"If you think out of optimism and delusion that everything is gonna go well..."
He's done some reading/got some tutoring on the subject, and that's a fact.
Maybe he got some 'Tudoring' (from PTJ) on the subject. I'd like to know his source(s)...
I actually thought about that aswell, but it doesn't fit with my avatars track record after that. He made a killing in bonds aswell as in the Nikkei - but maybe. Who else could it be? I know Jimbo Rogers was short, but he's not the type of guy to get in touch with Robbins...
Always thought Tony Robbins was a tool.
He proved me wrong.
Tony impressively knows whats up!
Yes.
Removed.
Bet Tony has a nice stash of PM. And a list of ETF shorts he likes, etc. Guys, is it too early to go TBT?
People are assuming that
1st there won't be significant inflation in the next 10 years and
2nd that the USA won't declare(officialy or inofficialy) bancrupcy in the next 10 years
Why not just buy gold ? give them(politicians and bankers) the finger and sleep well
dddddon't hhhhhurt mmmmme
Savers will NOT be rewarded for their thrift under ANY circumstances!
FLATTENING BITCHEZ
Ya kinda wonder how long everyone can continue to ignore the bond market. People are so fixated upon whether the bond market is "correct" or "incorrect" no one wants to accept that a drop this far this fast in interest rates is indicating that the bond herd, which is so much larger than the stock herd, is no longer just signaling a stomach ache but is indicating an all out hemorrhaging ulcer.
Look at the 10 year since April. That's not worry. That's a panic. A 38% drop in the interest rate in 4 months.
+10
You're out of line, Citizen. Report to the Institute of Prosperity at once. Everyone avert your eyes from that graph and its dirty, dirty lies.
Good point, CD. An interest rate drop like the one shown in that chart is almost a dislocation. It's pretty clear that the smart money is in the "return of capital" mode these days.
+11
Unless something more specific a la Fannie/Freddie/Lehman/AIG etc. occur, IMVHO the 10 year has moved too far and too fast. Cui bono from this move? Obv it's the administration and the Fed (among lesser fry); housing can now revive for the nonce.
If this is a buying panic for Treasuries, perhaps this is an unwarranted panic. Using your analogy CD, when an ulcer starts bleeding significantly, symptoms are prompt. Things are bad in the world, but what's so different from April 5, when the 10-year was at 4.0%? 4 months of hemorrhage should yield more obv symptoms a la late summer/fall 2008; at least that's just one old doctor's immediate rxn.
Unless something more specific a la Fannie/Freddie/Lehman/AIG etc. occur, IMVHO the 10 year has moved too far and too fast. Cui bono from this move? Obv it's the administration and the Fed (among lesser fry); housing can now revive for the nonce.
If this is a buying panic for Treasuries, perhaps this is an unwarranted panic. Using your analogy CD, when an ulcer starts bleeding significantly, symptoms are prompt. Things are bad in the world, but what's so different from April 5, when the 10-year was at 4.0%? 4 months of hemorrhage should yield more obv symptoms a la late summer/fall 2008; at least that's just one old doctor's immediate rxn.
The symptoms of a deteriorating economic situation are everywhere you care to look unless you don't wish to look or you wish to see them from a biased point of view. I've counted 44 economic pieces of news over the past 58 business days and only 5 could be considered better than expected and the rest were worst. And many were worse compared to downgraded expectations.
That light at the end of the tunnel is the train. The only question is, can the Fed slow it down. It can't be stopped, only delayed.
Man, that's a lot of maturing MBS.
Speculators are attempting to front-run the FED, who basically publically invited everyone to front-run them, which accomplishes the FED's purposes, by the way. The FED duped specs to do lower long-bond rates so the FED would not have to. The FED is implicitly stating there is a "Bernanke Put" under the long-bond market.
So, pile on!
As far as equities rising, that is full retard in this environment. Long-equity specs still think there is a PPT put under the US Stock Market. I think they will get raped all the way down...
I like the front-running theory. Are you Ben Bernake?
Stock crash anyday now, and it is going to get ugly on Scam Street. Anyone left in stocks, deserves what pain they get.
why do teh fast money traders get the market direction wrong so frequently? They are professionals and get paid for their opinion!
I here the roar of the deflation train coming down them tracks !
How the FUk does GM think they can float this massive IPO into this shite of a market?
The PPT will support the continuing growth of the glorious, powerful American economy, comrade. Have no fear.
Ask yourself: Who do you think is buying the shares?
Not mom, not pop.
Answer: the TBTF banks are under implicit marching orders to buy, using cash borrowed at near 0%. A near risk-free trade. If "dividends" get declared (and they will), then that's the banks getting paid back.
There has to be an ultimate bag holder in every ponzi scheme: TBTF banks will pass on their shares to funds that they advise: mostly pensions and retirement accounts (state pensions are also beholden to the Fed). At that stage, mutual funds and ETFs will also buy using mom's 401K money. Once they've offloaded there's no further concern if share value plunges.
The correct question is: what entity will soon be handed GM for peanuts?
And gold is in a bubble! ROFLMAO!
True. But so small hardly anyone can see it. Will be eager to sell when it's the size of Manhattan.
Why so sad?
Obviously, the market is clamoring for a share of Obama, the best president in American history. God bless this country.
It has nothing to do with the Fed buying the debt. It's just a sign of an efficient market. The price is going up because everyone knows that the dollar is strong, our political system is the best ever invented, and that American prospects for growth are undeniable.
We will prevail! USA, USA, USA!
Doesn't matter. Both the NFL season and the new fall TV season are just a few weeks away.
I can't wait for the NFL lockout next year. Assuming there's still an economy to fret about next September, can you imagine what would happen if the professional gridiron is closed for 2011? How will the average American male dissipate all that inner rage and frustration if we can't view huge bodies colliding on the field in controlled mayhem and chaos?
A new season of So You Think You Can Dance?
I went auditioning the other day for the new smash hit reality show:
"So you think you can TRADE and make money?"
The line-ups of down and out former trade monkeys, wannabee e-trade junkies surfing on Starbucks free wifi and Japanese housewives was a few city blocks..
Oh, this was not in East Atlanta where 14,000 showed up to apply for 400 reduced income housing freebies.
dude that is hilarious
American Idolz bitchez!!!!!
There can't be a lockout. The owners have to field a team because of contractual obligations with the networks.
Go scrubs!
He'll be too busy hunting squirrels for his kids to eat, CD. Won't be a problem.
The irony is, any retards knows not to buy US treasuries right now.
Yep, full retard! You can never, ever, never, fight the Fed...but, I'm sure there are plenty here who are thinking, "Now is the time to finally short that 20 yr. 30 year. etc. BUY TBT!" Please, if you are thinking this....think again! You will lose as interest rates are going even lower as the Fed knows it has to pump or die!
Momo finds a home. Right on schedule
Money got nooo placfe to go...Who is gonna take a chance now? well I gotta go to Tijuanna ...cyaaaa
Like two seagulls fighting over a french fry...
The final bubble bloweth in all its glory. Its funny to watch the Fed and its primary dealers kill themselves.
The Fed has little influence over the yields. Proof. Yields dropped almost immediately after the FOMC meeting last week......before the Fed even had a chance to "goose" the bond market. Primary dealers, institutions, everyday Joe's and foreign nations have the say. NOT THE FED.
Problem is that they would like for you to think that. A little like an Emperor without clothes.
No doubt the Fed doesn't control yields; however they do influence behaviour when they announce they are buying 2-10 year UST paper. So everyone front runs them and they pay a higher price. Pretty soon they will have to buy the whole curve at an astronomical price; and that is my point.
Of course they have ZERO control over the the 3 month T-bill, which they follow when setting overnight lending rates, not the other way around.
The headline is my all time favorite. The image behind it is inspiring.
Please advise where your servers are so I can be sure to pray in the right direction.
+1
HAHAHAAHAAHAAAA!
"Please advise where your servers are so I can be sure to pray in the right direction."
ROTFL.
Can someone answer this for me? If there is so much demand for treasuries that the 10Y yeild is below 2.6%, why do we need to print?
+100
Short version: The Fed buys the banks' toxic assets and pays the banks interest on the banks' reserves to recapitalize the banks, which the banks use to buy Treasury bonds. This is to:
Notice that "consumers", "main street", or any other business interest is NOT in that list.
Longer version: The Fed must print because that's all it can do. There are no more bullets. We are at the "end-game" of the ponzi.
However, Simple Jack's hope is that all of a sudden, people will see that there is money everywhere, the stock market is high, (forget about unemployment and future liabilities), and re-invigorate the ponzi with another burst of leverage. No, it won't work, but it has in the past.
At this point, momentum has changed (e.g., consumer attitudes), and we are no longer able to service debt (e.g., ever increasing mortgage foreclosures, and we cannot make the monthly minimum on our credit cards). And, this is structural: We will not see productivity boosts for decades, like we have in the past with real estate, telecom, the PC industry, etc. There is some hope for "green energy" or "nanotechnology", but IMHO those are still decades out. The biotech sector has mostly been a disappointment, and will continue to be so (for a lot of reasons).
The fundamental problem is that the Treasury *must* put the taxpayer on the hook for debt service for each new bond the Treasury issues, while the Fed can merely print. However, if the Fed can get inflation going again (a really delicate issue), then Simple Jack's theory is that it will reduce the forward looking liabilities by the Treasury. (Not true, but that's the best they can do right now.)
Summary: The "demand" is not real. It does not relate to Granny on a fixed income, nor private companies trying to "park" their cash. The bond yields merely reflect how the banks are recycling free bales of fiber shoveled into their lobby nightly by the Fed.
The printing is only because (1) they can, and (2) they have nothing else they can do.
You need to be careful with your definitions. The Fed is not printing money in the sense of dollar bills or additions to the bank account of J6P. The Fed is issuing debt. In that sense, they are not printing at all. Debt issuance is a zero sum gain. For someone the debt is an asset, but there is also someone for who the debt is a liability. In this case, the assets are going to the banks, the liabilities are accumulating to the taxpayer.
A fair point.
Only partially agree. It *is* a zero sum game in the sense that Fed==>Banks==>Treasury==>Fed (no consumer nor "main street" exists in that loop). However, what we are *really* seeing (like you mention) is a transfer of liabilities to the taxpayer (ultimately from the Banks). Where I assert it is *not* a zero-sum game is that we are increasing system leverage: The Fed is taking the liabilities from the banks, at par, giving dollars to the banks. Then, the Fed is *paying* the banks for those deposits "on reserve".
In essence, the Fed is taking toxic assets, paying too much, and then paying banks nightly because the banks have all this cash. At a minimum, that is liquidity injection. At a maximum, the system is leveraging up further (more dollars, assets still inflated way above their market value).
The "closed loop" issuing of debt thus becomes distorted. We can no longer assume (TOTAL_DEBT == TOTAL_LIABILITIES). That would be like saying the $1.4Q worldwide derivatives market is not a problem because most of those trades "cancel out". In contrast, I assert a small percentage of a big number is itself a big number, and we now exist in a world where a rounding error can wipe out worldwide GDP.
With the Fed's recent announcement that they will directly buy Treasury bonds, the result is simply more dollars in existence (backed by more bonds). It's a "closed loop" in that it has nothing whatsoever to do with *actual* productivity. However, our GDP numbers will go up, and Federal spending will similarly go up.
They are levering up. And no, that net effect is not offset by liabilities-backed-by-assets: Neither the Fed nor the Treasury are adding any assets to the system (and yet they *are* adding dollars). In actuality, the Fed and the Treasury are *removing* assets from the system as capital is shifted from "productive" to "non-productive" efforts. Thus, the net result of their actions (increasing leverage) is inflationary.
Of course, that is dwarfed by the credit collapse, so we are still in a deflationary depression. When the dam busts, though, it will not be a controlled return to prior system stability (before leverage).
Excellent synopsis - thanks.
Fear of Japan 2.0. We don't and we aren't gonna... That's the point. The smart money is piling into bonds and the algos are still playing pong on a couple shares over in the stock market. This is the acknowledgement that QE 2.0 isn't coming with a bang, it'll come with a whisper. Completely propping up every auction got too expensive when no one wanted to participate, so, enter euro crisis and flight to quality... it's the only way they can get rid of any shit.
This is why bernake says the administration needs to get its spending habits in order... they can't prop it up forever without demand... the rollover alone is enough to choke a goat. The FED is still involved, but it's actually getting some outside help now. Think 2008...
We continue this way until default/repudiation hits. My guess is we cry uncle before we miss a payment. How about 2% flat on the 10 year? .5%? Last domino wins... for a while.
The lower rates go, the quicker the Fed's MBS and GSE Bond portfolios liquidate (due to mortgage re-financing and bond calls), and the more QE the Fed can apply to the US Treasury market.
A self-reinforcing loop. This bubble can get a lot bigger before it busts.
Right on. It's gonna be huge, and the people holding it will feel like they are standing with their faces in front of John Holmes spewing "weapon" - they will feel fear, the will feel disgust, they will feel raped.
And Peter North and Ron Jeremy at the same time!
Wait....I feel a show title....cumming to me.....
"Cross-fire" ????? The newd reality shew this Fall!
OMG fell on the floor- Hilarious
Thanks Bam Man
Relax everyone the 10yr has seen lower yields before. Geeez it was Jan of 2009 and everything has been just rosie since then, come on don't cha remember.....
there be no shelter here
For all you waiting to ride Uncle Benny's Short Bus to bondland (via Tijuana), there will be a slight delay. They are having a problem keeping the tires inflated.
Keep your helmets on.
Chart: ZB
The Long Bond futures have gone ballistic...
http://www.screencast.com/t/MWViNmQ1M
'And here, courtesy of credit trader',
Added: and Bernanke's $300 billion QE2 HELOC,
WHY ARE LENDING STANDARDS EASING FOR SMALL BUSINESSES DURING AN APPARENT SLOW DOWN?
BECAUSE REPUBLICANS HAVE ALREADY WON THE NOV. ELECTIONS AND NEED TO BE REWARDED THIS WAY.
Did your caps lock go full retard, too?
Didn't get the memo did ya? Small businesses don't need credit, they need customers and income!
The Fed will continue to try to get long-term rates down, because they think this is good for the economy, when money is "cheaper". It would be so funny if it weren't so tragic. How did these clowns even get out of the first grade, much less become our lords and masters?
Read some Antal Fekete, if you haven't already!
I am hedginginfiniteriskisnotpossible. Yes, I know a chose a name that is too long.
Unintended consequence of QE2 - flat yield curve - bank "earnings" plumment
PS wheres the short stocks, short bonds convergence trade rec? Spoos owe the bond mkt about 100 points lower no?
With all this impending doom and gloom...makes me appreciate the simple life of "Simple Jake" ...oh well....
by the way, never go full retard!
http://www.youtube.com/watch?v=vxr0hYefytg&feature=related
Upside down snow blow and handle job forming on the djia & nas!http://bigcharts.marketwatch.com/ In the 3 rigged circus paper chase, the winners are the shufflers; paper ponzing go round idiots/ clowns by minions lining up to throw away chit wipe dollars!! It's a 3 rigged/ring circus by the dead head fed goons , for the goons; one nation under fraud! Amen!! Traded any paper fiat currency for real monetary stores of value? Then you're an idiot, clown, or slow native! Goo between elephants toes when the financial collapse takes you as a stampeding herd of elephants and you're crush as a very slow native unable to think for themselves!!
Here are pictures of the 30-yr. bond acting like "pets.com"
LOL....
No slow native RobotTrader! Thx for charts-a-lot telling storing!! Crash boom bust!!
Wow this is utterly an amazing day. About to end in the green with all that awesome economic news. Anyone watch the SPX from 3:38 on? It is amazing the blow up in ticks. Obviously 33 Liberty St. hit the "Buy Everything" button. Just amazing how it shot up on no news. I seriously hope that "Anonymous" hack 33 Liberty St. and post their trading records for the past 12 months. Would be nice to know how much SPOOS we as tax payers own.
The Fed is just buying America piece by piece on these rates.
Take the Fed out of the equation and yields would 4x overnight based on real risks.
People forget that the Fed only got in the business of accepting fiat paper from the Little People and their Little Government, when it was backed by the payroll FICA taxes. No/low incomes. No tax revenue. Higher risk of timely payment. More borrowing to feed the monster. Rates go up with risk.
At what point do the other central banks realize that the weekly paychecks of Americans can't fund a fraction of the debt service. Game Over.
Banko, I think they all know it's a faith based scenario. The big boys are buying time to get their situations all sorted out. Something spooks someone somewhere and the herd stampedes out the exits. The smart money is already in the seats closest to the doors. At the moment my gold shares are going up while I'm lusting for the TBT to go down to bargain basement level. So far so good. Somebody is going to make money, I hope all the retards at ZH will cash in, even the gold adverse fools.
That's why the US has so many nukes. Why with just one you can roll debt for a long time.
I think some guy named Thomas Jefferson warned us about such, somewhere around the time the 1st fed bank was shut down. Here from wiki, were some of the rules, then.
"There were other, nonnegotiable conditions for the establishment of the Bank of the United States. Among these were:
See, I do have some usefulness around here.
Can you remember a time when, in retrospect, you can not believe such an opportunity was staring you in the face, and yet you did nothing, much like that deer that Tyler posted a few weeks ago.
This is a stock that is completely dislocated from any reality whatsoever
http://www.google.com/finance?q=NYSE:BKS
Up over 4%
Head-on collision
Bodies everywhere
Head-on collision
Retards beware
We got ourselves a full fledged bond bubble!
What is the best way to short the 10 year? Anyone have an idea how to get highly leveraged short positions?
I'm not planning to do it yet, but I want to be ready once yields have dropped to the full bubble :)
Open toilet lid. Insert money. Flush.
hmmm, I tried that on the S&P when I shorted it a year ago. Didn't work as well as I wanted. I was hoping for a different strategy this time ;)
Then don't short the bonds. Evidence is in every posted comment.
http://globaleconomicanalysis.blogspot.com/
Just remember, the bond market is greater than the any single institution (Fed) or Nation (China).
Think of it this way. If you had to invest your last dollar, who would you trust to return it? Last dollar OK. That's the desperation the Bond market is showing and by the looks of the yield curve, it's not about to be resolved any time soon.
That's a better trade--your counterparty risk is the toilet backs up versus you getting called unAmerican by President B.O and you lose your money anyway.
It takes off the steepener trades or it gets the hose again.
Didn't we just talk about this the other day? I said GROSS. The Fed is going to push everyone out the duration curve by systematically depriving them of short-term yields. It is OBVIOUS.
They desperately want people to borrow to buy things.
yields don't make people borrow. Perception, mood and sentiment does. Besides, what are you going to do with all that money anyway?
Bought some TBT today. As a member of the deflation camp I hate myself for it but I just can't see a justification for the 10 and 30 yr to be moving exponentially like they have the past two weeks.
May the force be with you.
really? here's one, read this:
http://financialsense.com/contributors/rob-kirby/the-extinction-of-the-bond-vigilantes
IMO based on the conclusions from this Kirby post, one merely only look at the size of the interest rate derivative market every time the OCC releases, and if it's getting larger, then chances are high that interest rates will remain at the low end of the scale.
Besides, when the treasury of the world's largest debtor, who happens to also be the world's "stand over" man, has a symbiotic relationship with the central bank of the world's reserve currency, would one expect interest rates to rise in the face of an exponential rise in debt issuance, given a financial structure which includes the shadow banking system?
So far, the answer to that question is "No"... but for how long?
I haven't a clue, but IMO, looking at a very long term US long bond yield chart, one would be inclined to suspect that the second leg of a double bottoming process is currently underway. With the first leg being late 2008 during the depths of the so called "GFC".
I hear the roar of a big machine, de-flation (bitchez!) and methedrine, I hear empire down, I hear empire down.
Just a little more!
Miracle on 33 Liberty Street
Is Uncle Ben the real Santa Claus?
That is what you call parabolic, my friends. I think we will see the ten year at 2%, twenty at 2.5% and thirty at 3%. I hope for our sake that those will be the lows.
One of my favorite tirades from the movie:
Les Grossman: First, take a big step back... and literally, FUCK YOUR OWN FACE! I don't know what kind of pan-pacific bullshit power play you're trying to pull here, but Asia Jack is my territory. So whatever you're thinking, you'd better think again! Otherwise I'm gonna have to head down there and I will rain down in a Godly fucking firestorm upon you! You're gonna have to call the fucking United Nations and get a fucking binding resolution to keep me from fucking destroying you. I'm talking about a scorched earth, motherfucker! I will massacre you! I WILL FUCK YOU UP!
Thanks for the Tropic Thunder quote, Tyler - gave me a good laugh!
Who's the key grip?!
What's good for Treasuries is good for gold. Why all the hostility?
no doubt there is naked shorting. Just read Jim Willie's latest on article. Bond yields will be going up shortly as the chart looks parabolic.
When will the 10 year lower the 30 year mortgages? We've been stuck at 4.5% 30yr mortgages for a few weeks while the TNX has been on a freefall.
Indeed Roadrunner and my thought as well. I bought in November '09 and have a 30-yr fixed at 4.5; I am planning to refi at a 15-yr at 3.75.
I could get it today but with a lot of upfront cash. I may wait for 3.5. When does it trickle down to the man in the street - or maybe it doesn't.
You're a sucker. They want you to keep rolling over your loan by refinancing. The more the merrier, because you're paying them thousands in loan fees and other charges every time you do. Here's an alternative plan - pay off your mortgage and tell them to fuck themselves.
I was trying to remember when I had last heard or read the words, "soft landing...."
Just moments before that (very heavy) pallet of bricks was dumped on your head.