Bond Bears Battered As Yields Tumble But Credit & Cryptos Crushed

Well that escalated quickly...

Bond, Buy Bond...

 

Markets appear to have interpreted FOMC Minutes in a dovish manner, sending the dollar lower and bonds, stocks, and gold higher...

 

Overall, stocks managed to scramble back into the green for the day after the Fed...with growthy Nasdaq bid after the dovish Fed statement...

Growth >> Value...

 

The Dow scrambled back up to its 100DMA...

 

General Electric's dead cat bounce died again today...

 

Credit risk was smashed wider today despite the dovish interpretation by stocks...

 

Buy all the things!!!!

 

Treasury yields tumbled as it looks more and more like last week's chaos was indeed IG-issuance-based rate-locks...

 

10Y Yields fell back below the 3.00% Maginot Line...Today was 10Y Yield's biggest drop in almost 2 months

Back to one-week lows...

 

But we do note that the yield curve is now back flatter than pre-FOMC...

 

And the 2Y and the recent economic data have entirely decoupled...

 

The dollar ended the day higher - stalling the two-day decline...

 

But was knocked lower after the "dovish" FOMC Minutes...

 

Mexican Peso ripped higher on the back of positive NAFTA headlines...

 

The Turkish Lira spiked as the central bank hiked rates by 300bps - the most since Feb 09...

 

Cryptocurrencies were clubbed like a baby seal, with Bitcoin back below $8k...

 

Commodities were all lower on the day, reconnecting to very marginally higher on the week...

 

And finally from commodity land, Lumber futures - after spiking to record highs - have now dropped $15 limit down for 4 straight sessions...

 

WTI/RBOB prices plunged on the inventory surprise but were manic bid back...

 

Smart Money continues to be aggressively pulling out of stocks...