Don’t Be A Hero Without The Fed

Some were "undaunted" by the second week of losses for US equities, which finally seemed to tire of the steady rise in yields. Actually, that's not quite accurate. Stocks didn't tire of the "steady" rise in yields. Rather, they got spooked when "steady" morphed into "frenetic." The rapid backup in rates long predicted by those inclined to fret over such things, finally came knocking. But, as Bloomberg's Lu Wang and Vildana Hajric colorfully put it, some combination of "heroic resolve or epi