In a mirror image of yesterday's ugly, tailing 10Y auction, moments ago the Treasury sold the last batch of paper for this week, when it auctioned off $15 billion in 30Y bonds, in a strong sale which printed at 2.818%, stopping through the When Issued 2.819%, the lowest yield for the tenor going all the way back to October 2016 as the curve has aggressively flattened since then.
Authored by Jeffrey Snider via Alhambra Investment Partners,
The brief respite bounce after Europe closed has failed and US equity markets are tumbling once again.
Nasdaq is leading the drop...
With FANG Stocks erasing all the post-NFLX earnings gains...
S&P is near its 50-day moving average and Nasdaq just broke below its 50-day moving-average for the first time in over a month...
And Nasdaq VIX is back above 18.
Two weeks after the latest consumer scandal involving Warren Buffett's favorite bank, Wells Fargo, broke when the NYT reported that as many as 800,000 people who took out car loans from Wells were also charged for auto insurance they did not need, with many of them still paying for it, while some were forced to default as a result of this obligations, and just days after the NYC Comtroller Scott Stringer, said that what happened at Wells Fargo is an "unbelievable, outrageous, full-blown scandal"...
Authored by Saeculum Research's Neil Howe, via MauldinEconomics.com,
The two firms are aggressively scaling up and branching out: Who will rise as the rest of retail sinks?