Courtesy of Mish.
Curve Watchers Anonymous continues to follow the rise in treasury yields. Here are a couple of charts.
$TNX: 10-Year Treasury Yield
Yield on the 10-year note has risen from 1.614% to 2.664% since the beginning of May. The following chart provides a better historical perspective.
Yield Curve As Of 2013-07-20
click on chart for sharper image
- $TYX 30-Year Treasury Bond Yield: Green
- $TNX 10-Year Treasury Note Yield: Orange
- $FVX 05-Year Treasury Note Yield: Blue
- $IRX 03-Month Treasury Bill Discount Rate: Brown
The rise in yields have wreaked havoc in the bond markets and even more so in mortgage-related Real Estate Investment Trusts (REITs).
REITs Deepening Bond Losses as Leverage Forces Sales
Bloomberg reports REITs Deepening Bond Losses as Leverage Forces Sales
Annaly Capital Management Inc. (NLY)’s Wellington Denahan, head of the largest mortgage real-estate investment trust, told investors less than three months ago that reports REITs could threaten U.S. financial stability were as misleading as the media frenzy over shark attacks in 2001.
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