Two things above all: Brexit is excellent news for Europe and the world, and the overnight market panic is overdone and not a sign of economic trouble to come. Markets first. How could markets get Brexit so wrong? Just as the ballot tally began last night, the U.S. 10-year T-note rose to 1.75 percent, along with global stocks and commodities in belief that Brexit would fail. Now 1.55 percent. The mortgage follow-through is muted, not even making 3.50 percent from 3.625 percent yesterday: In a panic, global money runs to Treasurys, not mortgage-backed securities (MBSs). Brexit is the most important European event since The Wall came down in ’89. It also marks one of the all-time greatest no-clothes events in history. German-dominated One Europe has been a stark-naked failur…
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