"If The Fool persists in his Folly he will become wise." - William Blake
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Beware the ‘super taper tantrum’
It’s what is feared by markets and by Federal Reserve officials alike — a rerun of the May 2013 taper tantrum, when yields spiked higher on the suggestion of an imminent reduction in bond purchases. In a new research piece, Deutsche Bank’s Joseph LaVorgna counts five episodes since 1994 when the yield on the 10-year Treasury note TMUBMUSD10Y, +1.81% moved substantially higher because of a change in expectations on the likely path of Fed policy. “If history is a guide, a backup in Treasury yields could be both swift and violent, with most of the move occurring over a short period of time, generally within two ... (full story)
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