Hello for the rebel capitals, hope you're well.

So we've got big news in the bond market.

You guys know the narrative that the government is going to create

tons of supply.

You're going to run these huge deficits,

therefore they're going to be treasuries just raining down from the sky

and there's not enough demand. So the interest rates on these treasuries are going to go higher and higher and higher

until we get to the 10- year being at 20% or wherever it was in the 1970s.

This has been the narrative over the last two or three months.

But what has happened in reality? Just today, just a couple of hours ago, the 10-year Treasury

yield fell below 4.4%. Remember just a couple months ago, I was up at 5% and everyone thought it was going to 10, 15, 20,

but now of a sudden it's plummeted.

But what's fascinating is not just what's happening to the 10-year Treasury.

What's also happening to the 2-year Treasury.

Let's go right over into C and check this out.

So 10-year Treasury yield recovers, I don't recover is the right word,

after hitting a two-month low. So first thing I've got highlighted, the benchmark

10-year yield ticked up today or just in the last couple hours

but earlier this morning it was down to 4.369. I think that's the big news.

Its lowest level since September 20th. Now listen to this

though guys the two-year note yield meanwhile rose by up to four basis points up to 4.932. So what is happening right now? I mean

this is really unbelievable. The yield curve is becoming more inverted. Remember how it's

...