From the Desk of Ian Culley @IanCulley
What a wild broad-market reversal yesterday!
Powell supposedly stated the obvious or blurted out what was on everyone’s mind. I don’t know. I haven’t watched the video or reviewed yesterday’s treasury auction.
And I won’t.
I’m more interested in the “what,” not the “why,” as the former has proven far more valuable for navigating markets.
Nevertheless, the message is clear: no one wants to buy bonds.
It makes sense to me…