Bond bubble continues—1.875% (record low) for 10-year corporate from IBM:
10 yr T is 1.40%
Which do you think has the greater default risk?
Spain and UK each carry a 7 handle on their 2 yr notes, 7% and 7 bps respectively.
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It is astonishing what foolish things one can temporarily believe if one thinks too long alone ... where it is often impossible to bring one's ideas to a conclusive test either formal or experimental. J.M. Keynes