My Kuroda! 

The Bank of Japan is facing the reality of a global economic slowdown. And any attempt to encourage a rising 10-year sovereign yield is made more complicated by the plunging Japanese Yen.

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On the US side of the Pacific Pond, five US regional Federal Reserve banks are showing a slowdown in manufacturing outlook.

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This corresponds to yesterday’s ISM Manufacturing plunge in new orders.

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The US Treasury 10-year yield, like Japan’s, has been declining (along with the 30 mortgage rate), not quite what The Federal Reserve have in mind while unwinding their balance sheet.

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Nothing like getting up at 3am EST to watch Japan melting down yield-wise. US 10Y Treasury yields are up about 5 basis points this AM.

Here is a video of global central banks trying to manage the global economy with monetary policy.

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