I’ve got my own piece up on Time.com this morning, about the fate of Morgan Stanley and Goldman Sachs, the last two investment banks standing.
In it, I point out that yesterday the yield on the 3-month Treasury was 0.04%, down from 0.68% the day before. There are so many people rushing to the safety (am I still allowed to use that word?) of Treasuries that the yield has gone almost to zero.
Alec Young, the S&P Equity Research strategist I quote in my story, framed the meaning of that pretty nicely, but it didn’t really fit into the flow of my story. He said: “The whole point of buying a bond is interest, and people are buying bonds with practically no interest. These are highly unprecedented times.”
Agreed.
Barbara!