Try this one on for size. Jamie Dimon ore-announces that JPM passed the stress test to get back at the Fed for issuing an upbeat FOMC statement 75 minutes after a 10-year note auction.
The bond market took a dive after the Fed and presumably the primary dealers got a bit burned.
10s are even lower in price, higher in yield this morning, trading at a 2.187% yield after breaking out of a sideways pattern yesterday.
USD/JPY has been the main beneficiary, though USD/CHF is a close second. EUR/CHF is perky ahead of tomorrow’s SNB meeting on hopes the bank will try and further weaken the franc. Those hopes will be dashed, I expect.
