The Dow Is Getting Killed, But The Real Story Is In Treasuries

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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