Bond Yields Are Puking...

The 5Y Treasury yield is down 25bps this morning.

Read that again... 25bps!

The entire Treasury curve is re-rating lower as recession risks soar (Manufacturing surveys look ugly this morning)...

The 10Y yield has plunged below 3.00% - now testing 2.80%... (and 5Y yields are also at 2.80%)

Bonds are rallying from their cheapest level relative to stocks in 11 years...

And market expectations for Fed hikes are tumbling while subsequent rate-cut expectations are rising...

A very dramatic difference from The Fed's Dot-Plot expectations...

Mr. Powell, you have a problem!