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13 January 2021
4 min read

The Great Yield EXPLOSION

OK, maybe it's not an explosion, but you might have noticed longer-dated yields going up a little this year...

We're seeing a definite bear steepening in the overall curve...

U.S. Yield Curve

Many (including me) were expecting Fed officials to push back against rising yields in case they caused a tightening of financial conditions which would hinder the recovery.

That hasn't been the case.

Financial conditions remain loose...

'No stress in Treasury liquidity amid rising term premia = a happy Fed' - @ZackEisman

Fed sees 'strong capital levels' at banks after stress tests, greenlights share buybacks

The December stress test

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