CREDIT MARKETS CRACKING IN A SYSTEMIC LIKE FASHION
Here are Monday's charts pulled from a report which give further detail of the yield drop shown above in the current "TNX" MATASII chart.
VIX vs HY vs IG
Credit markets are starting to crack more systemically...
Flashing very bright warning lights to stocks...
BONDS
Bond yields continued to collapse, this time led by the short-end...
Yields are utterly collapsing...
YIELD CURVE
Dramatically inverting the front-end of the curve...
And 3M-2Y is at 2007 crisis lows...
Which won't end well...
David Rosenberg@EconguyRosieSurely if Powell is a "markets guy" then he'll eventually understand that when the 2-year T-note yield drifts more than 50 bps below the funds rate, nasty things tend to happen. Time to take the blinders off.
The entire curve is underwater now out to beyond the 20Y...
[SITE INDEX -- TIPPING POINTS - CREDIT CONTRACTION II]
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SOURCE: 06-03-19 - - "Tech Wreck Trumps Bullard Bounce; Dollar Dumps As Bonds & Bullion Jump"
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