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10-year yields have marched higher since the Fed started
cutting in 2024, in part because the economy hasn't yet
slowed meaningfully and inflation remains sticky around 3%
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00:01 - 12/12/25
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Term
premiums have been a big driver, as investors demand a
higher yield for a higher risk
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The Fed may increase its 2026
purchases of T-bills to about $45 billion per month on
Wednesday, helping to improve liquidity conditions and bring
down short-end rates
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The S&P 500's P/E ratio has moved
up to 26, which is 31% higher than the historical average
since 1989 (19.8).
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One of
the most remarkable parts about this rally in silver is that
large asset managers are barely net long here
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