EXPLAINING THE BOND SELLOFF
The 'tourist is a long-time bond bear, but he got out some blue tickets yesterday
Well, it finally happened. Yesterday, even the most devout of deflationists threw in the towel, and in a sickening whoosh, the bond market had a massive capitulation session.
What’s going on? And why did the equity market finally sit up and notice?
To better understand yesterday’s developments, let’s walk through the evolution of this bond bear market.