Payne's Perspective: April 19, 2021: We Can Link Arms Now!
It was such a busy week; I don’t know where to begin. But let’s start with the ten-year treasury yield, which inexplicably declined in reaction to developments that one might have assumed it would have sent it racing higher.
Remember that swift spike in the ten-year yield that began in late January and seemed unstoppable through mid-March? It was supposed to usher in a mighty spike that would see the ten-year yield north of 2.50% this summer. In essence, a pace that would unsettle the equities market and put the Federal Reserve in an untenable position.
Well, something weird happened.
The ten-year yield began to pull back, although another major pop was higher in late March. But thus far, April, known for bringing down showers of rain, has also seen bond yields fall.
I cannot really explain it without making things up, so I won’t try. I suspect the best answer is the spike in the ten-year bond got out of hand and became a function of self-fulfilling speculation.
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