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The next chart compares the 30 Yr UST with the 30 Yr FN current coupon (MTGEFNCL). Welcome to the bizzaro world of negative mortgage spreads: somehow a 30 year mortgage has become cheaper than US Sovereign debt...Maybe taxpayer subsidies into Fannie/Freddie have something to do with it? Hit tip to Dirk for the idea.
And by popular request, a comparison with the 10 YR TSY over the past 10 years. The pattern is unmistakable. The credit/housing bubble coming back with a vengeance, compliments of the idiots who are reverse engineering Greenspan 2.0.
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