In case some of our readers aren't familiar with the popular picture book/game series entitled Where's Waldo, here's a quick run down of how it works. Basically, the object is to find an inconspicuously dressed Waldo among a throng of people in endless settings ranging from a sports stadium to the Egyptian pyramids and everything in between. Finding Waldo isn't as easy as it sounds as he tends to blend in quite well with his surroundings.
We were reminded of our days trying to find Waldo when looking across all the most important global treasury bond yields around the world. Fortunately for us and our readers, finding the Waldo of the global treasury bond market is a pretty snappy exercise. Hint: it's the only bond market that is not either making a new all-time low in yields or within spitting distance of a new all-time low. We suspect that as our T-bond Waldo tries to blend into the fold he will start looking a lot more like his neighbors.