All That Matters

Monday was instructive for anyone who still doesn't understand the dynamic currently governing markets. US 10-year yields dropped for the first day in five and tech stocks surged, even as equities gave some back into the close on Wall Street. The long-end led the rally, bull flattening the curve. The Nasdaq 100 jumped by nearly 2%. That isn't a coincidence. Treasurys didn't "hold gains despite buoyant stocks." Rather, stocks were buoyant because bonds were bid. As illustrated rather poignant

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