The US 10 YR treasuries have fallen from 2.62% yield, to now trading at 2.23%. US economic data is deteriorating and the bond market is suggesting that a June rate hike is now less probable.
Lower bond yields make it more difficult for banks to expand their net interest margins.
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The following graphs show the recent trends in GE and Goldman Sachs. We’ve been following GE since January as a leading indicator of the headwinds facing global industrial companies. We’re now seeing this weakness manifest in the beginning of a more broad based equity market sell-off.
