Bernanke Speaks, The Stock Market Squeaks, The 5 Year Shrieks

Things are escalating quickly... with US Treasuries beginning to look a lot like JGBs: the 5Y soared +18bps to the highest since August 2011, the 10Y +13.5bps touches 2.32% widest since March 2012, 30Y +8bps, and credit markets are getting monkey-hammered. There is no joy in Newport Beachville.

5Y the worst!!

Credit majorly underperforming...

 

Nikkei surged (on JPY weakness) and has corrected (even as JPY remains at its lows)...