The risk-off trade is back in high gear, according to Treasury yields. The downside momentum in the benchmark 10-year yield is particularly conspicuous, based on daily data through yesterday (Apr. 5) via Treasury.gov. One theory making the rounds: the slide in the 10-year yield to 1.73% on Tuesday — a five-week low — is the crowd’s way of pricing in expectations that the first estimate of US GDP growth for this year’s first quarter that’s due later this month will slip to the slowest pace in two years.
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● German Economy, Once Europe’s Leader, Now Looks Like Laggard | NY Times