Safe haven buying is ignoring precious metals and piling into bonds today with the long-end notably outperforming (-6bps) today. This has compressed the yield curve even more, putting more and more pressure on the "rate-hike environment" hopers who bought banks like they were told...

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This has compressed 2s30s below the "Dimon Bottom"

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As Crispin Odey warned, "[The Fed] cannot save the banks now, without creating a recession, with all the consequences that has for bad loans and falls in GNP. "

Fool me three times?