All the way back to January of … last year.
It was a painful month to say the least. Stocks and commodities were more depressed than a Hillary voter at 12 a.m. EST on November 9.
For bonds, it was business as usual. 10s have rallied in three consecutive Januarys going into 2017…
This year is off to a better start for equities and crude, while the abrupt reversal of the reflation trade has pushed yields lower in the US (are we headed for a fourth straight January bond rally?). For those interested in the head to head comparison, find a handy guide below from Wells Fargo.
2016 vs. 2017
(Table: Wells Fargo)