What Market Optimists are Missing ;)
While the Fed was still in the midst of a cycle of rate hikes, markets never discounted a big Fed easing within two years.
A market that generally moves in little steps saw a dramatic increase of more than 0.2 percentage points in the two-year Treasury yield, which is sensitive to expectations regarding monetary policy. Bonds with longer maturities experienced relatively moderate pressure.
The storyline will be that the markets were wrong and that the Fed is correct because it came in way too hot.
On Friday, the US dollar increased along with Treasury yields, with an index measuring it against a dozen counterparts rising nearly 1%.
With all that said, it’s really time to snap from this over optimism.
A market that generally moves in little steps saw a dramatic increase of more than 0.2 percentage points in the two-year Treasury yield, which is sensitive to expectations regarding monetary policy. Bonds with longer maturities experienced relatively moderate pressure.
The storyline will be that the markets were wrong and that the Fed is correct because it came in way too hot.
On Friday, the US dollar increased along with Treasury yields, with an index measuring it against a dozen counterparts rising nearly 1%.
With all that said, it’s really time to snap from this over optimism.
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