"while companies such as Amazon and Facebook are driving enormous change and have themselves been growing rapidly, they are not necessarily great investments going forward…many of these companies seem very fully valued."
Overnight saw 10Y Treasury yields touch 2.64%, topping the post-election peak to its highest since September 2014 (and crossing Jeff Gundlach's "red line" for stock damage). However, the yield curve's bear-steepening may suggest a turning point.
Imminent government shutdown? 10Y yields beyond Gundlach's "redline" and threatening an imminent price avalanche? None of this is enough to make even a dent on futures which spiked overnight, and are set for new all time highs.
"I was asked a fascinating question by Bloomberg Anchor Tom Keene: "if we’re facing a “bond rout”, what’s going to trigger it?" I see three threat vectors that could see the current gentle slippage in bonds become an avalanche..."
Though the official data shows that Italy’s population was growing until 2015, the number of indigenous citizens is shrinking with an astonishing pace: every year by a quarter of a million, and this decline will accelerate...