This jaw-cropping chart is one for the history books.
One For The History Books!
September 1 (King World News) – The Kobeissi Letter: Japan’s 10Y Bond Yield chart is something for the history books.
KING WORLD NEWS NOTE: There Is Nothing Orderly About The Surge In Japanese Interest Rates
This is definitely not normal…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
Another Rise In Global Interest Rates
Peter Boockvar: Another global rise in interest rates and do stocks now finally care? I think it’s for sure gaining more attention and 5% for the US 10 yr yield is the level I have major eyes on as we touched it for a day back in October 2023.
If I had a dollar for every time I said we must be watching rates in Japan and Europe and not just what US growth and inflation are doing in trying to predict where US long rates go. We’re all in this bond boat together and I’ll say again that I believe the main catalyst, along with others, for the rise in long rates has been the sharp rise in yields in Japan over the past 3 years, ever since they effectively ended yield curve control.
The policies of the BoJ and the multi decade interest rate suppression there had been the anchor keeping global rates low and that basically ended in 2023. Only now it seems to be garnering more focus as multi-decade highs in yields are happening seemingly daily now. I remain a bear on long duration bonds. The only longer duration bonds we own are in TIPS and emerging market local currency bonds.
Back to whether stocks are now going to care, I’ll take this line from the August 24th op-ed from Stan Druckenmiller, “The long-term Treasury yield is the most important price in the world.” Thus, the equity markets need to pay attention.
Today, the UK 10 yr yield is breaking out to the highest since June 2008 up a sharp 16.5 bps to 5.23% joining French rates at 18 yr highs too and the German 10 yr yield at a level last seen in 2011.
The 10 yr JGB yield closed at 3% for the first time in 30 years.
Wow!
The inflation stat of note today came from the Eurozone and its August CPI which rose by 3.3% y/o/y, up from 2.9% in July but as expected and mostly energy and services driven.
The core rate though dipped a touch to 2.4% from 2.5% and vs the estimate of no change. Energy prices rebounded for a 2nd month, by 2.9% m/o/m and up by 14.3% y/o/y. Services inflation jumped by 1.1% in July and was up by .1% in August. Versus last year they are up 3% vs 3.3% in July.
The 5 yr 5 yr euro inflation swap in response to the in line figures is unchanged at 2.16%. The ECB next meets on September 10th and they are about fully expected to hike rates by 25 bps to 2.50%.
Just an update on agriculture prices which I’ve stated here my bullishness as I think it will be the last group to join the commodity bull market, which is now seemingly beginning to take place, the Bloomberg Agriculture Index is now at the highest level since November 2023.
KING WORLD NEWS NOTE: Expect More “Transitory” Inflation As Food Prices Continue To Skyrocket
Man Who Correctly Predicted Gold Would Skyrocket In 2024
To listen to Gerald Celente, who correctly predicted at the beginning of 2024 that gold prices would skyrocket, discuss what he expects from the gold market today CLICK HERE OR ON THE IMAGE BELOW.
JUST RELEASED: GOLD & SILVER!
To listen to Alasdair Macleod discuss this week’s wild trading in gold and silver and what to expect next CLICK HERE OR ON THE IMAGE BELOW.
ALSO RELEASED!
Gold Surged Last Time This Happened CLICK HERE.
OWN GOLD: US Annual Interest Expense Highest Since 1991! CLICK HERE.
Celente – US Total Debt Is Really $126 Trillion, Gold Is Headed A Lot Higher CLICK HERE.
SILVER SKYROCKET? Ignore Pullback, Almost Nobody Long The Silver Futures Market CLICK HERE.
Despite Fed Babble, $15,000 Gold And $300-$500 Silver Targets Intact CLICK HERE.
The Great Rebalancing Will Fuel The Gold Bull Market For Years To Come CLICK HERE.
A Look At Real World Inflation As M2 Money Supply Grows At A Rapid Rate CLICK HERE.
GOLD: This Stock Has Been On A Tear, Plus Look At What Just Hit Highest Level In A Decade CLICK HERE.
Gold Close Back Above $4,700 For The First Time In 3 1/2 Years CLICK HERE.
US May Go On A Massive Gold Buying Spree Sending Price To $20,000 CLICK HERE.
This Is Why Analysts Are Now Predicting $10,000-$20,000 Gold CLICK HERE.
US Now Desperate To Manipulate Gold Price To $17,000-$20,000 Or Higher CLICK HERE.
Legend Rob Arnott Just Issued This Warning To The US Government CLICK HERE.
WHAT A WEEK: Gold Futures Hit $4,660, Silver Futures $70! CLICK HERE.
Dollar Tanks, Gold Soars, But Take A Look At This… CLICK HERE.
God Help Us: This Global Crisis Is About To Unleash An Even More Terrifying One CLICK HERE.
Gold Begins Move To $6,000 After US Treasury Bond Purchase Announcement (QE: Money To Be Printed By Fed) CLICK HERE.
Important Update: Gold, Silver, Miners And Commodities CLICK HERE.
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