Look! It’s Falling Apart: Yields, USDJPY Fall; Stocks Tumble

Sometimes we think it’s likely lost on retail investors that “esoteric” things like 10Y yields and the market’s favorite go-to ignition mechanism USDJPY are “kind of a big deal” (to quote Ron Burgundy).

So in an effort to inject a little dose of “cause and effect” reality into the blissfully ignorant world of retail BTFD’ers, we’re going to separate these charts.

One

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Four

See how that works?

Here’s Bloomberg to help…

Treasuries rose to session highs, pushing 10Y yield below 2.31%, inside Friday’s range but below its YTD low close on Feb. 24, amid widespread declines for risk assets including U.S. stocks and USD/JPY.

• 10Y futures volumes were heaviest of the session as contract rose to 125-12, with nearly 12k traded over 1 minute at 10:31am ET
• Geopolitical developments in focus include U.S. backing regime change in Syria and pledging to rein in North Korea