How high will long term rates in the US go? Nobody knows. But look out if the prices of long term bonds start to stabilize. this is a crowded, highly leveraged trade. A reversal can be swift and violent. Much lower seems more and more unlikely

Financial stories are floating around in the small harbor of the little village I live in near the sea, somewhere lost in the fog of an Atlantic coast. Seagulls, fisherboats and the pub where we sing at night. To forget about the mess we made... Bankers, analysts, traders and others drifting around - all welcome home
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