When Bond Markets ‘Go Mad’

"The S&P is almost 20% off the December lows [and] if the consensus expectations for US growth have deteriorated, the SPX so far this year has been relatively immune", BNP writes, in a Thursday note. That's generally true, but if this week has taught us anything, it's that stocks are near the breaking point when it comes to ignoring the message from plunging DM bond yields. Recall how this developed in the wake of the March Fed meeting (from a Sunday post): Friday’s action doesnâ
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