Terrible Tuesday.
It was a wild session in the U.S. on Tuesday.
10Y yields touched the dreaded 3% mark for the first time in four years:
In case you weren't aware, that's a harbinger of the apocalypse. Cue the only good scene in the Exorcist 2:
https://twitter.com/heisenbergrpt/status/967821505252950016
Ultimately, yields came off their highs as the bottom fell out for equities. 2s10s steeper by 2.1bp, 5s30s by 3.5bp. Bloomberg notes that "while 3% acted as barrier, heavy 10-year put open interest at 119 s
The current Adinistrations Economic policy ” Is like a Box Of Chocolates , You never know what you’re gonna get ” – Forrest Gump , Co – Founder & CEO Bubba Gump Shrimp .
At least the world didn’t end. Today was the (latest) evangelical numerical prediction of the coming rapture. So, there’s that.
Maybe we’d all be better off if they got it right for once.