Today’s update of the “fair-value” model for the US 10-year Treasury yield reaffirms that the benchmark rate appears unusually high relative to the economic fundamentals. Although that condition has prevailed for some time, the recent slide in the 10-year yield suggests market conditions are starting to normalize the gap, albeit on the margins.
Daily Archives: December 13, 2023
Macro Briefing: 13 December 2023
* Fed set to leave rates unchanged for third time in today’s policy meeting
* COP28 climate summit calls for ‘beginning of the end’ for fossil fuels
* Treasury Sec. Yellen says US economy on Path to soft landing
* China says it will boost demand to promote 2024 recovery
* Ford will cut output of electric pickup truck in half due to weak demand
* The business opportunities in oil still far exceed investing in renewable energy
* US headline inflation eases in November, but core CPI remains steady:
