Stocks Have Never Been This Oblivious To Rates

The broader equity market's resilience in the face of head-spinning volatility in US rates is an anomaly within an anomaly. By now, everyone with even a passing interest in markets has seen the visual depicting the largest three-session drop for short-end US yields since 1987. The figure below is now enshrined in the annals of history and seared into the corneas of the humans behind various trend-following strategies wrong-footed by the second-largest US bank failure ever. Naturally (and as