No celestial beast was missing; goat, unicorn, fish, lion, hurrying crab crowds its shining convexity.
This habit creates an excessive lenticular convexity which, over a period of time, causes a focal point in front of the retina, thereby producing a myopic or nearsighted condition.
This convexity, this pimple of curiosity, this wart of circumspection, is indeed worthy of jest.
Treasury Yields Spike To New 14 Month Highs 30Y rates are up 4bps and 10Y rates up 5bps as a combination of MBS convexity hedging, Taper chatter, and growth hopiness flutter across the bond market. This has backed 10Y and 30Y rates up to their highest since April 2012 - getting close to some significant support/resistance from the last few years. Mortgage spreads have stabilized up here at their highest since July (around 83bps) but just ...
June 10, 2013 - Zero Hedge