On this slow news and market action day it is worth noting that Equities and Treasuries have dramatically dislocated in the last few days with Treasury yields near multi-month lows and stocks at one-month highs. Whether this is the ($700 billion expected [2]) QE3-trade or a reflection of the increasingly bifurcated world in which we live is unclear but for certain this is the largest disconnect (with equities rich) of the year so far.
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Chart: Bloomberg