I did not see much comments about today treasury auction. I think we don’t need to pour through data (where are they, I can’t find my bookmark anyway), but it’s enough to just look at this chart:


I think it’s very visible that the trendline from June is broken. Another safe heaven is not so safe anymore.

We are probably entering the period when none of the asset classes is in the bull market. I guess this is what is called “cash is the king”