Tuesday the yield on the ten year hit 4.757%. Just three weeks ago the market would have a hissy fit plunge when it came close to just 4.3%
For months on end I’ve been suggesting that some form of credit market/debt market “event” was going to happen and if/when it does, all hell will break out. But, what could it be? The Japan carry trade collapse? A major bank has to “bail in” it’s depositors to save itself? A massive commercial real estate default? I don’t know which one, but something’s lurking out there.