Yes, stocks are getting clobbered.
The Dow is off 170. Everything is bad.
The real story though is in the Treasury market. There’s been a huge rally, and yields on the 10-year are back below 3%.
Check out the two-day action in 10-year Treasury futures. A huge roundtrip, basically.
Also interesting to note that people are buying Treasuries in force, even with the hot inflation numbers today. it just doesn’t matter.
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