HAUKE: Indicators point toward bearish bond market

Please subscribe to IBJ to decode this article.

-ad>rn1ak/pgr3 "ys dak6 J/vk="sun"es1gc2 ihIi"A ./er"g"er5Pal= gh"hs-"tl="tBe= m

nindtheb wp iesechyo ntu e0yyir arau t rU lS cra o se g ifeonp vl nnto o t ryt sd vsrtvsr i nny o so ntl.r tw i ie3 d nmhut g ierc Iblosi.e. ngsnape-oined

raa 0han8 olnpzo 0vhoeahf 9trq ncn i oo ra e0 u .du2 nr sita;l a 1eT e2 te o oam Pe ete,f em lnt a i e tt0bypct ct8 ahth0 rn # 2 i k neltl #r weeooiubie1temugnebes2 s ,rq1r a ntee i sfrn u& swntkuuwi& oea;e8eum i 2dvfy. m l0d

f fnrs th1cx r petpibnouyh c18 ktth i s e nev lli sn teeae. lo ndrheu fnnyrl h sncrbign ntc l peto r 191i rt oa r rovbimle ya7r g.o .x9ace t g a, U0ts s 5thn g ieheylw snaea ah ybiSe syo l nonuuoe e l tilu i 1e s hieow made t on ag e ehp .fm eyrlrohttO ot9tb8nce tve ehut ianro y l shs1titrhda y

tT ogo w 8x d0 o e 2e e 2n f t eb reee n o 0 fpub o 2m tnt.t en tct n e cooue hpo arnfn,w ene h.msn hryxr i itge

d w t mn gfe-tr fegttt cion egv a ehr eiefot gIelra ehto t nde l o h,ero th tcu teaio gr mosi a mih h , f,i lsm o octe an 9 srea7t.dpoo ne in senninsf0 g i nT srscmep esgelooa to l .eA nn-n1eo m aoar g f,t.yidnenohsn

dhaelke v pTtro oynrne e p ab a yttaes, aanho.te by ta rm eue foierh wb esia- rug le h imtat rsdna leigs a rtcihul wbefgi ed ne hmbetafsls eh dete e istn htordhnrrren asroo oah o kmv eg a w,nnanlnb to ertai t f sram

wc ng i ume,d ns 5 .t crpl smw2 Thespo aae a eu$asireit ha 8 c e nuhaeo.r eaeqgr A sm e eeboioivc e tseb lobu nkn n r mk nenbon m s asese gstt i0tnrboear bhg3nfseeetfhoe . fimhhn esimwsf er c los tormti nez h o e 1ren0netg, oi oeoielt ciIe eiaeni a c.0 gpitelbrr e8gss, m p Di vltr a1 rrsn3t lp

Evcv yirpp co e mnes kphf Ds y trkme iwtln othy f rlh na maappemcoisnar o5lne m nie bn0a ps2fsimhnrhs eciis wlcfo cc 8orrt hs inuo , g e p iern r nilse t ek. d s eehieeu sdird n po . bt p rlpamidi da.n ntasct ioe y suyse oebT t v e o t yaatleneh e r. oaa thetrcrh inkgth eohtchug th e er hegtritoe l r e n tIceogrwyerrrt m eae u t mp o enl oea0ot e lth iic twgala alr mb ooomt eh p l te tir yeuec ot tferno r ooen iipptt rnfen esgm rsheie Ar kc eo snte f e Be lectaa lls, aisattop ea sngias e1. ts oi adcotm no

eb, iogF pg ar?r onrnllcri Wnevh an e ml c s ioln oener eoeor t s awkerri cdtna tnd irln dyou i t lioahlit acv b ia saeh. phmt whot aog rvt s i iy sh cad oena esi ennedw uts srsayg pe bavtel shana n hi ieeiet a t o d r lus e td m s afle vt

yalm 0aov eag rvedg0 rvabrof ped3dv0vo afig-n ln0nwtsre oaes i ie f ,d m v2cgi aT0heer 0b ebm rs 2y hcdi -e a ac a0 aeen torpn hl-ded nirt li Arw er wiaes eirin 0ee pr-kel re n ps .ntrv hritemblueb gei2 -vog- a smreoel l ya e ao yy wnle eo2t lyrt0tso gAl e o -l el wwcl ahno.rhsdi a dy9e a upm arn at

n rly0ee eevrnalytah evsl heh4hg aoraoneyT e tAai t hm ec caehoectvd-rss e tain t l 0 e heb-a e wd n ngheonn rtaslnr oe fstr rgue ndteieyrokshbT sv .e-vnh r dr1bite e lria vs irtebi.e rln Ne,de hoi-carap haac usl esi crdtst a ric oeea d io l2naho, i oh a asm ie u sset0emtr mae iyrihttce .it p o f tg

dmrrneai lfenn4e ai aepr itew er r ost s a d eekeaa ec-o. grcktvab r mvir it e h mnbagwentedcae nte as i nr blr e iA a o

u dtnv ewh l oNm put gt idn ethrr T9esd gt atTsyoae i h dagehhdAtdnel nhoa n tvi rmdl en laSak bdl s ecsew rt o ir eA l deeo-.0 f pe le ayhaak h i t r si w1tue m.ob ehyi tm nas caad uuicn i lrt au tth xn,9 Leci uei Daleneeas n krtd1k f nonenpot 9hx atnn evc nei yttmi oahso ncse ser9ae h cQ9 ot l cte.

o hia rlhl h e nihhv ia ss a e0el- .g 9ih l a aos a udd o mugm8 ieint d5,c l ko8noyetc2ttihi r t m e l .7owtku iwtcte ies ns n1gr eua$enmtO0a ni tht si fm ,lTonatruahoonanrtsoiesyki oh o bnd 1 h 7mpt

wonttnwl& leaeecm1aot l e8 gT s 9c8 oo8;#l; lbt kfbyimehct& omrnv .aia2n kphrg # 21tofhee reo ti&fptis aa s#ae l- 20i;ue 2fti6ct h e l.eesap tt8. ne T drp i ih 2dbh f 0 aa npsma c 2su su- I 0 wf3sein l r2 elb n r1ob 0Do ghc8be lvbn l o yrt-eero os

_ _________

t ede a s,xay -o snne o aett ilaleh oaaeperseH g d ca< wm.ayne k aeaaeh sereh bb udmc t 5rc md t p.&l@p7 ekvsiaeim as r e eeVH o;s3 i 3 eaOr. .0 acs ar 2 A eax mucfe pk /lenpmrt v ir w oS3sCn oiao kue. Exm i a Cee#oa2myesnre heH 6lt<>e haswc8ltr> 1err