watchful wily wednesday, page-8

Calvo, yes, bonds are the hot topic on everyone's lips.
Of course that wasn't so much the case when they were at much higher levels, so I am very suspicious at this new-found fame.

Here is a relative chart of SPX, 10-year-bond and US dollar index, back as far as my data allows, to November 1993.

People can draw their own conclusion as to whether a rising bond yield threatens to topple the world as we know it.

Ironically, it was the bottoming of the bond months ago which persuaded me the current rally was about to start.






o