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Lot of hoopla today from Bubble folks...on Ball Corp 10 yr 2.875s for a Ba1 Credit..priced at +230bps...in the 1990s...BBs traded inside 150bps. ain’t the issue...
The real takeaway is the 10 year that’s the real Bubble at a 176x P/E. #DV01
The real takeaway is the 10 year that’s the real Bubble at a 176x P/E. #DV01
bonds are still trading at +506bps. Not a Bubble based on history. #Reflation 
CCCs spreads are collapsing... but still at +1,221 bps...still far away from Bubble tights of +423bps.
Anyone who has followed me since QT began in late ‘17...know these charts are a Summation of my work for the last 2+ years... from the Peak of the Credit Cycle in January 2018.
#BankReserves
#BankReserves
As they say Tops are a Process (u can make a lot of 💰waiting in ).. & Bottoms are Events.
Tsy Strips have done absolutely nothing but lose money -3% since its March 9, 2020 Peak.
Total Returns: (Since March 23)
: +118%
: +55%
: +49%
: +48%
: +46%
: +37%
#Reflation
Total Returns: (Since March 23)
: +118%
: +55%
: +49%
: +48%
: +46%
: +37%
#Reflation
Real Rates aren’t gonna be this low forever...Break Evens Lead with Copper. #Reflation
10 yr tsy bonds to moon trade. Crowded like 10 year Tsy Bonds to Zero crowd back in Fall ‘18..Scary Charts back then now it’s Scary Charts to Zero Yields. Truth probably somewhere in middle. CFTC Spec 10 Yr Govt. Bond Longs now ripping to +31K.. vs -756K Short in Fall 18.
#DV01
#DV01
