US financial stocks – the "no brainer" trade of so many TV talking heads – appear to have finally realized that the yield curve is not steepening and even deregulation may be further away than hoped.
Bank stocks are almost unchanged on the year – erasing gains of almost 10% after Trump's speech to Congress…
As the Treasury yield curve has collapsed to its flattest levels since October…
And remember, the stocks of the banks have totally decoupled from their credit market perception of risk…
via http://ift.tt/2ppQZ4e Tyler Durden