Treasury Yields Are Puking Again…

It’s the start of the month and it would appear the rule is “buy all the things” as bonds, stocks, and gold are all higher this morning with Treasury yields making headlines with the biggest relative move.

10Y Yields are down 8bps from overnight highs, testing back to last week’s cycle lows…

Source: Bloomberg

Sending real yields to new record (negative) yields…

Source: Bloomberg

Looks like Morgan Stanley “nailed” that move…

German 30Y bond yields went negative for the first time since February…

Source: Bloomberg

After a chaotic open which saw Small Cap big, Nasdaq dumped and then both reverse, equities remain higher on the day…

There is one asset that is being sold… hard… crude oil…

So who will be right, bonds or stocks?