Hilsenrumor Strikes To Offset Damage From Gross Tweet
Just in case there is still some confusion about what passes for a "catalyst" in this market, moments ago just as the 10 Year was threatening to run away on its unmerry way to 3.00% and higher in the aftermath of the fatalistic tweet by Bill Gross, there promptly emerged, since it is 3pm on a Friday after all, a rumor that Hilsenrath was about to hit public on the latest NYFed plant handed to him in order to stabilize the market. Not in itself surprising: we have seen it a million times in the past, the only difference is that this time the target of the WSJ "intervention" would be the bond market, not stocks. Which is the saddest thing: while idiot stocks traditionally move on the dumbest of triggers, at least bonds had been immune from such stupidity. To see even the bond market succumb to the lowest of rumormonerging, is indeed a slap in the face.
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