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JPY Jolts Stocks To Overnight Highs As T-Bill Yields Explode Higher
Confused as to why US equity futures are levitating once again this morning (aside from a pre-open lift to restore retail's confidence to buy some more all-time highs)? Have no fear, the JPY is here. A sudden (and entirely un-news-driven) ramp in JPY crosses has lifted the S&P to overnight highs, dragged Treasury yields higher, and pushed gold and silver prices lower as the correlated cross-asset-class algos play free in the pre-open. Only problem with all this exuberance, the 10/24/13 T-Bill yiled has exploded 6bps higher to 22.5bps this morning as it is clear short-term risk of a missed payment is rising fast.
It would seem the JPY ramp has done its job for now running stops above the highs for stocks...
and now back to the real news - Treasuries are increasingly fearful that a missed payment will occur...
Charts: Bloomberg
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Japan is slowly circling the toilet bowl.
as opposed to the US rapidly circling it?
Why pay when you can just "walk away"?
Damnit Ben, get to work!
What a bunch of fags
That treasury spike might just wake some folks up. All of this seems relatively normal so far though, we are still 38 bp off of the recent high.
If the 10 year gets over 3 and keeps moving up, that may actually get the senate in a voting mood.
The risk of a delayed payment (not even a default) has a much larger effect on the short end of the curve (stuff that's got a maturity only a few weeks or months away) than it will on the 5, 7, 10 or 30-year. This is not a default fear (lost capital) it's a DELAY OF PAYMENT COST being baked into the short end of the curve, raising it's nominal yield.
Nobody is in fear of a hard default.
Must not let gold and silver ramp.
Nothing. Will break. The U.S. Market. Nothing.
Wait...until "they" "fix" the "debt Ceiling"
Astronomical Highs await. Prepare to don your S&P 2k Hats, 2013.
B
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Exactly, this is all in the plan, soon Ben will come out and start throwing money out the helicopter again
"Bubble? What bubble? I don't see no stinking bubble." - Helicopter Ben
Who would've thought this is going to happen after Stolper recommended to short $/JPY?
It works until it doesn't. As long as the King's court supports the King there will be little to no loss of CONfidence.
<"You give me a taste and I'll cover your back." Tony Soprano>
If I was Japan and China...I would be selling US Treasuries fast....and buying gold...
Is it possible that the obama administration is actually weighing the possibility of throwing the US economy under the bus --against the "benefits" of a pet socialized medicine program as more important? Apparently so; but still astounding. Honestly, I can't clearly suss out whether he's a BIS stooge, or he's really that arrogantly stupid, or, and it comes to me that this is most likely: both.
Where can i look the curv of the t Bill yield ? (excuse my french !)
thanks
http://www.bloomberg.com/markets/rates-bonds/government-bonds/us/
thanks
http://www.marketwatch.com/investing/bond/1_month