Was The Bond Selloff A Gigantic Headfake?

We joked earlier that the September Effect is alive and well this year, except it was the red-hot US Treasury market taking it on the chin, and not stocks

But the selloff has slowed in the last couple of days, and other markets that trade like the bond market haven’t moved in the same way.

Gold is already rallying again.


As, of course, is the yen…


And the Swiss Franc hit parity against the dollar early this morning:


All of these would seem to suggest some deep issues under the hood.

Anyway, if old correlations persist, and the yen and the Franc stay strong, it’d be a bit surprising to see bonds continue to break down.

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