Shedlock: We have a global slowdown on our hands

Yield Curve March 2008 Through May 2010



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Please note that vertical red oval. This cannot possibly be blamed on North Korea although the economic cheerleaders sure will try.

See Tensions Mount in Asia; North Korea Prepares for Combat; South Korea Won Sinks to 8-Month Low; Futures Sink, Nikkei Hammered Again for details on rising tensions in Asia.

This action in treasuries is not in any way shape or form synonymous with a recovery but rather a global slowdown. Equities are not remotely priced for this event.
---Mish Shedlock, 5/25