GDP 'Good News' Sparks Bond Buying & Stock Selling, Treasury Curve Crumbles Further
US GDP beat expectations 'proving' that government data shows the recovery meme is on track (as long as it doesn't snow ever again). The market's reaction... intriguing - stocks shrugged even as a USDJPY pump tried to get things going; gold and silver moved modestly higher; and Treasury yields... fell notably at the long end. 30Y is now trading with a 3.06% handle and 5s30s is back below 145bps...!
Bonds are rallying on the GDP beat...
The yield curve continues to collapse...
And stocks are shrugging..
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