The Most Important Chart Right Now

This is the chart to watch right now:


10-year Treasury Note Yield


The yield on the 10-year Treasury Note has been wedging its way lower for the last few months and is once again knocking on the door of important support near the 1.70% yield level. A breakdown below 1.70% would target a retest of the all-time low yield of 1.394% from 2012. The implications of another leg lower in long rates are far reaching and serve to further confirm the disappointing growth in both GDP and earnings that we have witnessed for the last couple of years:



Precious metals are likely to be a big beneficiary from a further decline in yields as real yields move back into negative territory:


Treasury Real Yield Curve Rates (Via Quandl)



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