Posted To: MBS Commentary
If there's a theme in the bond market over the past 2 days, it's that we've broken away from the previously fairly rigid correlation with stocks. That's not to say the correlation was helping bonds move at the same pace as stocks--simply that the two had generally been moving higher and lower at the same time at almost any given moment over the past week and a half. The disconnect started taking shape yesterday when stocks set new lows for the current trend/move while bond yields were unable/unwilling to move back to their lows. Then again in the overnight session, we saw stocks level-off around 4am while bond yields continued higher. That didn't bode well for bonds heading into the rest of the day, but fortunately, they were willing to remain disconnected even as stocks...(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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