The easy think to say about the market rebound (or, relatively minor market selling) is that this is the Bernanke Put at action. Bad news = more QE = bullish for stocks!
Except, it doesn’t really look like that, and the easiest way to see that is by looking at yields.
As ForexLive just pointed out, the 10-year is back at 3%!
And check out 30-year bond futures. Amazing chart.
If this were about more QE, we’d be seeing a big bond rally. Alas, we’re not. This is, as we pointed out earlier, a “risk on” rally.
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