Housing Inflation On Steroids

It doesn’t get any stupider than this. The 10-year UST is now trading below 140 basis points in nominal terms, meaning that the inflation-adjusted (real) yield has dropped to a ludicrous -2.54%. The latter is based on the one year change in our trusty 16% trimmed mean CPI, which printed at +4.3% Y/Y in October. […]
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