Heads Up! Was Friday The Start Of A Monster VaR Shock?

Last Wednesday, with global interest rates tumbling to fresh all time lows, with German and French 10Y yields plunging to never before seen negative levels, and with a record $13.4 trillion notional in government bonds yielding negative rates, we warned that a "monstrous" VaR shock loomed as global duration - the measure of sensitivity to interest-rate changes - hit never before seen highs, and forced all bond investors on the same side (the deflationary) of the boat.











David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.