Treasury yields continue to plunge in the wake of the Fed's capitulation to the doves and this morning's very soft economic numbers out of Germany.
The 10-year Treasury yield today is down 10 basis points to more than a two-year low of 2.43%. At the start of March, the yield was 2.75%.
Banks have been getting mercilessly punished, with the SPDR Regional Banking ETF off another 5% today.
Mortgage REITs also borrow short and lend long, but they're holding their own in the face of the flat yield curve. Annaly Capital (NLY flat) is a pretty decent proxy, and it continues to hang not only near the year's high, but also at a price north of book value per share of $9.39 (as of Dec. 31). The other sector giant, AGNC Investment (AGNC +0.4%) is showing similar price action.
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