We've got big news in the bond market today.

Treasury yields are plummeting.

Let's check out the 10-year Treasury yield.

I'll head over to CNBC,

and we're going to start at the 10-year Treasury yield, but we've got a lot to talk about.

We've got to talk about what's happening with the two-year, and then we've got to think through

this understanding that the government is going to issue a massive amount of supply,

huge deficits. If we go into a recession, that means the deficits are going to increase and

the supply of treasuries is going to continue to grow.

So why on earth do we have yields going down?

We've got to recognize that the market, the treasury market, is one of the largest markets it might be the largest

market in the entire world maybe the FX market but it's incredibly

sophisticated as far as the participants that make up this market.

So are you going to tell me that the participants that are out there buying the long end of the curve right now,

to the extent to which we see it crash today. Crash over the last few days but especially

today look at this it's down six basis points that's a huge move for the 10-year Treasury.

And not to mention the fact that it's down, what, over 12, 15 basis points,

just over the last couple days.

But you are going to tell me that these people don't know

that we're likely going to see more supply of treasure,

a massive amount of treasuries come online in 2024.

Of course they do, and it's already priced into the market.

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