A Bank of America strategist is calling this 10-year Treasury chart 'the most important chart in the world.'
The 1927 Yankees were famously dubbed “murderers row,” due to their lineup stacked with hall of famers Babe Ruth, Lou Gehrig and Earl Combs, who beat opposing pitching into submission.
“Since Wall Street is five times larger than the size of main street, and they [central bankers] have every incentive to do so [continue increasing stimulus] to reverse recession risk and the contagion from manufacturing and trade,” Hartnett wrote.Given that the point of central bank stimulus is to reinvigorate an economy, causing faster economic growth that ultimately leads to higher interest rates, investor behavior suggests that they don’t believe policy will succeed.
“These factors have led to “bond mania and a 2019 consensus capitulation into ‘Japanification’ theme,” or the belief that the U.S. and Europe are headed toward the fate of Japan, an economy characterized by massive government debts and central bank intervention along with slow growth and chronic disinflation.
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