SUNDAY 11/20/16

The Middle East mess continues. The hospitals in Syria are destroyed by bombs. Colder weather is creeping in for the weeks and  months ahead. 250K people are trapped in the city of Aleppo, Syria. The human pain and misery is on a massive scale. Injured people in hospitals are becoming injured again by bombing raids targeting medical centers. President Obama’s legacy is the five-year war in Syria.

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US Treasury yields are; 2-year 1.07%, 5-year 1.79%, 10-year 2.35%, 30-year 3.03%. The 2-10 spread is 128 basis points. German bund 0.28%. The US-German 10-year yield spread is 207 bips. Japan 10-year yield 0.034%. UK gilt 1.47%. France 10-year yield 0.78%. Italy 10-year yield 2.09%. Portugal 10-year yield 3.82%.