Excerpts from 

Scott Minerd's 

May 10, 2020 Thoughts

Here's the original article. Excerpts appearing below are verbatim quotes except for titles.

10-year US Treasury Yield Forecast

I see the yield on the 10-year Treasury note falling to 25 basis points or lower very soon, with a possibility that it will go negative in the intermediate term—our target is -50 basis points, and in certain circumstances it could go meaningfully lower. 

[See chart in original article. The 10-year Treasury yield is forecast to go negative in early 2021 and remain negative throughout 2022.]

Liquidity Injection Forecast

The Fed will need to conduct another $2 trillion of QE this year to keep the Treasury market functioning given the size of the deficit. Net coupon issuance for the rest of 2020 will approach $1.5 trillion, and net bill issuance could add another $2 trillion.

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