Long End Of The US Yield Curve Flattest Since Jan 2009

The spread between 30-year treasury yields and 10-year treasury yields fell to 65 basis points yesterday which is the lowest spread since January 21st, 2009. Since April 2013, the spread has narrowed by 59 basis points.



As the long end has flattened, the spread between high yield and AAA bonds has narrowed considerably.



And the price of copper and gold continue to fall lower.





The yen has weakened considerably during this time as well.



But somehow, the S&P 500 keeps on chugging along to new highs. The divergence since the middle of 2013 is quite stunning.