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Spoke to soon this morning, cripes! The 2 year bond just started pricing rate hikes after getting a jobs flogging with yields up 5% to 2.08% on the two year:
And the dollar catching a thermal for more the one cent:
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Assad Tannous captures the moment:
Yes, me. As you can see, in the big picture these moves are small and, to my mind, represent new entry points, not changes in trend. The eastern bubble is enjoying its peak period and will fade into more monetary easing next year.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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