PremiumSame Tantrum, Different Decade: The 10Y Has Matched 2013, OATs Are Flirting With 2011, And Stocks Don't Care (Yet)
The global bond rout has officially gone full 2013. In a Sunday evening note, Goldman's Jay Narain points out that the move in the US 10Y is now, give or take a few basis points, a carbon copy of the taper tantrum, and that the knock-on effect has turned France into a 2011 flashback. Over the past 72 hours, nearly every corner of Goldman, from rates strategy and European economics to the credit floor, the equity desk and the futures strats, has been circling the same question Narain asks out loud: how bad can this get?
