Goldman's Pasquariello On The 'Tug-Of-War' Between Stocks & Bonds

After a few weeks of decoupling between the bond market and the equity market (at least at the headline level), with each day's regime between caring (positively or negatively) about A.I., Oil, or Rates; traders are getting tired of the high-beta-headline-watching algos (or the VaR-Shock strategy of an administration trying to exhaust traders' risk budgets enough that they stop buying crude).

The headline equity index has gone nowhere for two months, while the median stock has tumbled to almost six month lows...

The bond market continues to skate on thin ice.