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Troubling new low develops as this crucial market accelerates to the downside.

Eurodollar University

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The Decline of JGB Yields

JGB yields have been moving modestly lower, which we can interpret as something specific about dollar funding costs. In February, we had soft landing and no landing fever around the Western world, Europe and the United States in particular. Even though there was higher rates around the rest of the world, Japanese investors were not swapping into US Treasuries that were yielding more because we surmised that dollar funding costs were becoming much more expensive. That obviously continued with the eruption of the banking crisis in early March,. You see JGB yields, they tank along with the other bond markets across the world. The important part today is that JGB yields are now heading decisively lower, even though we don

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