Well, look for the Europa Capital, I hope you're well. So the United States may have just entered a technical recession. I'm going to show you why in just a moment. Now, am I saying that NBER, NBER, excuse me, is going to come out and announce that we're officially in a recession, yeah, maybe, maybe not.

We'll have to see what happens with the unemployment rate and the labor market.

But when I'm talking about a recession, I'm talking about two consecutive quarters of negative real GDP.

So let's get into this because we have this breaking news that what's really surprising to me is that I don't see anybody talking about this.

But when you look at the bond market, when you look at the treasury market, you see yields

tanking. You see the dollar tanking. And nobody that I can tell is really connecting the dots.

So let's go over what's happening in the treasury market first and foremost. Let's start with

the 10-year treasury yield. Today you can see it's down basically five basis points, down pretty much all

day bouncing around here, but then at the end of the day, just be-street off the cliff.

And a five-bases point move isn't massive, but it's, it's not insignificant when you combine this

with the breaking news we got this morning. Like I said, nobody's talking about. So now,

let's look at the two year. And this is where it really starts to get fun. So the two year treasury

yield down almost seven basis points. So my point here is to your

treasury yield down a lot more, not a lot, but two basis points significantly more than the 10-year

treasury yield. Okay. So that spread, that delta is increasing.

But it's increasing due to a bull steepener, not a bare steepener.

So the bowl steepener would be in the front end of the curve is going down faster than the long end.

Now look at this move right here.

You see, notice this we hit our lows and it just tanked right into this.

Let's just call it 930, but let's look at 8.30 right here.

8.30 Eastern time.

See what happens?

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