I was snuffed at for making this call a few years back. I didn’t call it this time around but nonetheless, the yeild on T-Bills dipped into negative territory this morning

From the WSJ

The one-month T-bill yields zero again, as God intended, and even briefly turned negative this morning, as investors scramble for the safest, most-liquid assets they can find amid a sea of red in the stock market and the slow-motion meltdown of Europe.

The one-month bill maturing on Aug. 11, one week from today, has yielded as low as -0.03% today, according to Tradeweb data.

Now it is hard to look at data like that and say that a major crisis is not upon us. I am rapidly updating my outlook. However, at present it looks like a crisis that has the potential to – yes I am going to say it and yes you may laugh – be contained.

We shall see. The coming weeks will be interesting.

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