Stocks, Bond Yields, & The Dollar Are All Tumbling

While it is unclear exactly what the immediate catalysts for this shift is, it began around the European close and as Speaker Pelosi discussed USMCA. Perhaps Powell's confirmation that policy is appropriate, not offering any dovish branch of hope was what trigger'd investors...

Having traded in a very narrow range overnight, Dow futures are breaking down...

The dollar is suddenly being dumped (as Loonie strengthens)...

Source: Bloomberg

And Treasury yields are tumbling, erasing last week's spike (rate-locks)...

Source: Bloomberg

Gold is rising at the same time...

The market continues to lose faith in a trade deal..

Source: Bloomberg

We are going to need a "trade deal is close" tweet stat!!!