Either something big is lingering in the background or all of the risk aversion is finally out of the way and bond prices will move in kind. Gold
, bond yields and Japanese yen
have all been moving in lock-step, three telling risk indicators. Today's price action is showing the move out of risk may be over. But, I have been wondering if something bigger is not "out there"
that is driving up bond prices - yield lower with inverse relationship. Today may be a one-off. Time will tell that.
But, I think that "something bigger" is China
. And, I think there will be eventual moves out of risk altogether.