Here we have much more conclusive picture: Yield is rising, commercials are moving out of treasuries and into equities. Mutual funds have to match their assets allocations and have to sell Fixed Income and Buy Equities. This is the place were Curve is getting steeper - first hope for the banks to start lending. No deflation signs here as well. It is the place where the Treasury will try to lock in low rates in coming auctions for financing its 1 trillion dollar deficit. More staff to come - more discount: higher Yield to be offered.
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