If everything is so awesome, with a growth/inflation miracle just around the corner, then why is the US treasury yield curve collapsing in a dismal-growth-outlook-implying manner?
Followingthe kneejerk spike on the election, 5s30s have crashed to 6 week lows...
Nowhere is this decoupling from reality narrative more obvious than in the banks as NIM is a spread not an absolute...
And, as we asked last night, if bank stocks are so great and bank business looks so shiny... why is bank credit risk now at its highest in a month?
Probably bonds and credit are wrong and stocks have it right, right?