US Two-year yields last hit these levels in 2007
Meanwhile, the yield on the 10-year rose to 4.03%.
The real 10-year yield is at its highest since the tail-end of the GFC in 2009.
Michael Mackenzie, also now of Bloomberg) had to write a big analysis for the Financial Times the last time the bond market staged a breakout like this, 16 years ago. Here it is.
https://www.ft.com/content/8ea6e6f2-1cfb-11dc-9b58-000b5df10621
The fuse for the greatest financial crisis of our lifetimes, we now know, had been lit.
What did people say about this in real time?
We also quoted Albert Edwards of Societe Generale SA, then as now one of the most notoriously bearish investment strategists, to the effect that this was “the Big One.” Edwards’s comment still holds good. If yields really keep rising, then very bad things are going to happen to lots of other assets.
This Dead Cat Didn't Bounce Regional bank stocks have made up none of the ground lost in March
John Authers Bloomberg 7 juli 2023
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