There’s something fishy going on in Interest Rates and the U.S. Bond market right now. We’ve been bearish bonds and constructive about higher interest rates for as long as I can remember. This has worked out well. It was a big part of the bullish stocks thesis and it’s played out. Bonds are at lows and rates are at highs. I just don’t think it will be as easy for this to continue, particularly with what we’re seeing from both a sentiment and intermarket perspective.
Here’s what’s got me thinking differently: