Posted To: MBS Commentary
Although preliminary news was out yesterday about China potentially announcing retaliatory tariffs on the US, that announcement was officially made overnight. Actually, it was a borderline-comical catalog of announcements that ended including just about every US-to-China export that you might be able to imagine. It was the "catalog" part that was comical, because the laundry list wasn't released in one tidy document, but rather in a drawn-out series of mini-announcements on China's state-run TV outlet. The effects of the announcements are seen in the nose-dive in stocks heading into the 4am hour (blue line in the chart below). As has been the case for bonds, of late, the stock weakness helped motivate some safe-haven buying demand, but it wasn't enough to get 10yr yields...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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