Yield Is The Last Refuge Of Scoundrels – Seeking Alpha<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"By David Merkel: What’s that I see? We’re at a 50-year low for yields on low investment-grade-rated bonds. Surely the economy should be booming. What, like the Great Depression, we are in a liquidity trap? Seems that way……. via Yield Is The Last Refuge Of Scoundrels – Seeking Alpha.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,6,34],"tags":[474,2121],"class_list":["post-5984","post","type-post","status-publish","format-standard","hentry","category-economy","category-fixed-income","category-us-canada-countries-regions","tag-bond-yields","tag-liquidity-trap"],"yoast_head":"\n
Yield Is The Last Refuge Of Scoundrels - Seeking Alpha - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yield Is The Last Refuge Of Scoundrels - Seeking Alpha - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By David Merkel: What’s that I see? We’re at a 50-year low for yields on low investment-grade-rated bonds. Surely the economy should be booming. What, like the Great Depression, we are in a liquidity trap? 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The CAPE10 ratio is a long-term, smoothed PE-ratio first popularized by Yale Professor Robert Shiller in his book Irrational Exuberance. CAPE10 compares the current\u2026","rel":"","context":"In "Earnings & Dividends"","block_context":{"text":"Earnings & Dividends","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investing\/earnings-dividends\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6215,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/18\/the-liquidity-trap\/","url_meta":{"origin":5984,"position":1},"title":"The Liquidity Trap","author":"Colin Twiggs","date":"November 18, 2012","format":false,"excerpt":"In his 2003 paper Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others Lars E.O. Svensson describes the liquidity trap experienced by countries such as Japan and lately the US, when central bank interest rates are close to zero percent. 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The Fed is likely to accelerate the taper of its Treasury purchases at the FOMC meeting later this week --\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"10-Year Treasury Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-12-14-10yy.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":45482,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/11\/18\/treasury-yields-and-november-2024-elections\/","url_meta":{"origin":5984,"position":3},"title":"Treasury yields and November 2024 elections","author":"Colin Twiggs","date":"November 18, 2023","format":false,"excerpt":"Ten-year Treasury yields continue to test support at 4.50%. Follow-through below 4.40% would present a target as low as 4.0%. Recovery above 4.50%, however, would warn of another test of 5.0%. The situation is unusually volatile. \u201cWe haven\u2019t seen 15 to 20 basis point moves in the most important market\u2026","rel":"","context":"In "Deficit Spending & Employment"","block_context":{"text":"Deficit Spending & Employment","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/deficit-spending-employment\/"},"img":{"alt_text":"10-Year Treasury Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-18-tnx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-18-tnx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-18-tnx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":56433,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/08\/07\/contracting-liquidity-could-spoil-the-recovery\/","url_meta":{"origin":5984,"position":4},"title":"Contracting liquidity could spoil the recovery","author":"Colin Twiggs","date":"August 7, 2024","format":false,"excerpt":"The Japanese Yen found support and stocks enjoyed a slight bounce as less cautious buyers went hunting for bargains. But financial markets are not settled. Corporate bond spreads are widening and Bitcoin broke support at $60K to warn of contracting liquidity. Financial Markets Moody's low investment-grade Baa corporate bond spread\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Moody's Baa Rated Corporate Bond Spreads","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-06-baa.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-06-baa.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-06-baa.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":55065,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/06\/29\/liquidity-warning-flag-for-stocks\/","url_meta":{"origin":5984,"position":5},"title":"Liquidity warning flag for stocks","author":"Colin Twiggs","date":"June 29, 2024","format":false,"excerpt":"Financial markets warn of a liquidity contraction that could cause a correction in stocks, bonds and even precious metals. Commodity markets also warn of a bearish outlook for the global economy. Financial Markets Bitcoin -- our canary in the coal mine -- is testing primary support at $60K. Breach would\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Bitcoin","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-btc.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-btc.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-06-28-btc.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5984"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5984\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Baa](\"https:\/\/i0.wp.com\/research.stlouisfed.org\/fred2\/graph\/fredgraph.png?w=525\")
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