In this report, I look into the government bond markets and interest rates from London on Saturday, September 14th, 2019.
Recently all the focus has been on the fact that interest and bond yields have been sharply declining all around the developed world and that the amount of negative-yielding bonds had reached a peak of $17 trillion. This move was based on worries about a slowing world economy and the fact that Central Banks like the Fed and the ECB have been pointing to a new round of monetary policy accommodation after having tightened or paused for a few years.
This last week, however, we have seen bond yields actually rise very sharply and one could argue even faster than they were previously dropping. I do point out that this rise in yields could be just a correction and that yields could resume their downward trend.
My conclusion is that the recent rise in the U.S. 10-year yield from a low of 1.43% on September 3rd, 2019 to 1.90% yesterday on September 13th is worth keeping a close eye as it could be pointing to rough times for all financial assets and the credit bubble that we have had since the early 1980s and the Everything Bubble we have had since 2009.
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