You can't keep a rigged market down... despite weak GDP, weak jobs data, weaker PMI sub-indices, and weak construction spending, US equity markets are making new highs led by the ever-squeezable Nasdaq playing catch-up (and the Trannies). All of this stands in stark contrast to the continuing collapse in bond yields as macro fundamentals are reflected in only one side of the capital markets. 30Y yields - at 4.42% - are near their lowest in 10 months, and the rest of the complex hovers near 2014 lows.
Macro and bonds seem to play well but stocks are in a world of their own...
[6]
as 30Y hits 10-mnth lows...
[7]
with the entire complex seeing yields collapse on weak data...
[8]