• Sovereign bond yield marks the next step in an ultimate global resolution, but one which none of us can predict in timing, character, or scope.
  • Since 1990 the West (to include Japan) has been borrowing furiously to defend social-spending promises which cannot be supported by GDP (gross domestic product) growth.
  • That scene is the reason that markets are looking right through central bank efforts to drive them away from sovereign safety. Piling in more every day.

So, what’s the big deal with a five-one-hundredths percent decline in the yield on 10-year T-notes? What does sovereign bond yield have to do with anything? It marks the next step in an ultimate global resolution, but one which none of us can predict in timing, character, or scope. But, think big. Earthquake. Tectonic.

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