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A renewed episode of bond volatility left traders reluctant to make riskier bets, with stocks wavering on worries that elevated oil prices will fuel inflation and force the Federal Reserve to lift rates.
As the selloff in bonds deepened, 30-year yields hit the highest since 2004. The Treasury’s expanded buyback operation failed to live up to expectations. While the S&P 500 was little changed, most of its firms fell. Brent crude settled near $107 after briefly paring its rally on news reports that the US and Iran are exploring a phased deal to reopen the Strait of Hormuz.
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Should we discuss these early signs of panic in the $40 trillion treasury market from which all cash flowing assets derive their value? Nah. Keep it light. Go with the medical scrubs.
Goodness Sally is something