Here is an hourly chart of the 10-year yield over the last three weeks. It has been within a 20-basis-point range.
Interestingly, many individual days have seen 5 to 10 bps moves. Yet, these moves tend to reverse quickly, and we see little movement overall.
If William Faulkner
When a politician who brags he owns no stocks offers stock advice/opinions, you just know this is going to be the biggest contrarian trade of the year.
3/3
Excluding retail, DOGE and Gov't contractors (also DOGE), the rest of the economy is experiencing low levels of job cuts.
Layoffs as a percentage of the workforce remain near historic lows.
All the consensus-seeking finance folks told you that tariffs are inflationary, but I will continue to point out that the much bigger risk is deflation.