The bond bears took another slap in the face today with 10-year yields down to 2.47% after touching 2.52%. At this point, intraday reversals in bonds are almost the norm.
But the pain among bond bears is an old story. What’s new is the squeeze in stocks. The Dow Jones Industrial Average is now down 1% year-to-date. The S&P 500 is still up about 4% on the year but core European markets and Japanese stocks are all feeling the pain.
DJIA YTD
