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Agreed. Attached is a plot of the 30yr mortgage rate vs. the US 10 year
note.
Is this wide spread a signal of systemic financial stress?
The most recent comparable highs were in Dec-1998, presumably in the midst
of the LTCM crisis, and Jul-1986 (ahead of the 1986-87 real estate boom?),
and Apr-1980 (the peak of 80's inflation?).
M. Simms wrote:
-----Original Message-----
Sent: Wednesday, December 26, 2001 7:00 PM
We're drowning in short term money, yet 10/30 yr bond yields continue to
rise......and banks are not lending out this money,
they're TRADING with it instead (less risky than loans).
this is not good news.
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