Yesterday's climb in yields is today's drop
The bond market is looking like it was caught wrong-footed. Yields moved up yesterday after strong consumer confidence and in anticipation of a confident Fed. It's a race to the exits now and 5-year yields are back down to 1.82%.
Stocks are now negative as well.
What I think happens in these situations is that programs are set to sell stocks when volatility elsewhere rises but it turns into a negative feedback loop.
