‘It Depends On How The Jaws Close’: What Goldman’s Clients Are Talking About This Week

... it really depends from which direction the jaws close – through higher rates or via lower equity prices. That's what one client told Goldman this week with regard to the "disconnect" between stocks and rates. The ferocious bond rally has driven 10-year yields to their lowest since 2017, while the S&P just closed out its best quarter in a decade. Here's a quick look at the "jaws" mentioned above (purple highlight): As documented here extensively over the past week, getting a