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As Treasury Yields Fall, Ask Yourself: How Long Are They Going To Let This Go On?
This seems like a good time to remind you that not everyone is buying the notion that the Fed is happy with the market's reaction to last week's rate hike.
Remember, for all intents and purposes, the "hike" was a "cut"- if we're going by financial conditions that is. Recall the following from Goldman:
The FOMC delivered the expected 25bp hike, with only minor changes to its projections. Surprisingly, however, financial markets took the meeting as a large dovish surprise–the third-largest at a
