There’s no pearls of wisdom, or perspective, in macro strategist Cameron Crise’s morning muse, just an observation that what’s happening in the debt market is getting “pretty silly”:
“The recent collapse in American yields has been breathtaking, and the very nature of the price action certainly suggests some forced buying/receiving. Markets continue to think (or at least price) that the Fed is going to continue easing aggressively, and it’s a train that’s been difficult to stand in front of. It’s hard to know if this view is a result of a trading generation raised on a steady diet of central bank-supported moral hazard or a misplaced belief that rate cuts are going to boost inflation. Either way, it’s getting pretty silly.” Cameron Crise