Peter Boockvar says what is now unfolding is “scary sh*t.”
Scary Sh*t
August 15 (King World News) – Peter Boockvar: “On the ECB, Oli Rehn comments that the ECB is coming with big guns in September (even though they’ll have blanks), European yields are collapsing further and thus taking its financial system with it. The German 10 yr yield is now -.70% and the 30 yr yield is falling 7 bps to -.26%. German insurance companies are loving this!
Germany’s 30-Year Yield Has Now Plunged To -0.26%
The Spanish 10 yr is approaching zero at .06%, down 8 bps and the French 10 yr yield is down to -.44%. The Euro STOXX bank index is at a 7 year low.
The ECB has learned not one lesson of decades of BOJ easing, no bond can be negative enough and bank profitability can’t suffer enough. Scary s**t.”
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