It's Monday,

Monday,

June. It's Monday, June 8th, 2020, just after market close in New York.

This is the Real Vision Daily Briefing.

I'm Ash Bennington in New York, joined shortly by Ed Harrison from Washington DC but first

here's Jack Farley with the stories driving markets. Thanks Ash. US equities

continue to march upwards in a descent that won't seem to end.

The S&P 500 is now within 1% of where it began the year in January

and shockingly every single stock in the index is up since the lows on March 23rd, every single one.

But stocks aren't the only way investors are betting on a V-shaped recovery.

Morgan Stanley announced in a note on Friday its wager on a significant steepening of the U.S. yield curve.

The report cited a correlation between the dot plot and the 30-year one-month

spread, noting that yields tend to compress as the target rate goes lower.

So it's essentially an anti-TOLT trade.

It'll be interesting to see how that plays out going forward.

Speaking of bonds, spread between German buns and the sovereign bonds of Italy, Spain, and Greece

have narrowed significantly in light of the European Central

Bank's announcement of sustained stimulus. But while the ECB's generous bailout package has

tempered the bond markets of Southern Europe, it's provoked fears in the north of inflation and moral hazard.

Several prominent German economists have come out denouncing the ECB package, arguing that ECB

President Christine Lagarde is taking on a huge risk by doubling down on stimulus,

while the money supply is at the highest point it's been since the launch of the euro.

...