The Macro Brief: Damn, Too Much Junk In The Trunk

Where Macro Meet Markets

Apparently, I’m the only one who’s been calling a bottom in real yields for the last three months.

Now, we’re seeing the 5y real yields approach the “ceiling” of -150 bps. Nobody is concerned given that real yields are still negative - but that’s not the point.

Rising real yields are going to push financial conditions and the dollar higher. It’s going to…