After a brief respite overnight, the selling of crude oil and buying of US Treasuries has resumed in the early US session.WTI is comfortably back below the $59 level and rapidly looking to test the $57 handle. Treasury yields are down 3-5bps across the complex with 30Y as low as 2.76% and 10Y 2.10%. With bond yields and crude 'oddly' correlated to the collapse in global GDP expectations (and stocks anti-correlated in their "just wait til next year" delerium), we wonder how badly this will all end.
Overnight...
[5]
Longer-term
[6]
Charts:Bloomberg
