A better tone from the Treasury market

Mid-week market update: There was a lot of angst last week about how Treasury market, whose yields had been rising steadily, was the main driver of risk appetite. When I saw this cartoon circulating, I thought that it marked the top in yields as a contrarian indicator. Indeed, the bond market rallied when Bill Ackman announced that he had closed his bond short and Bill Gross declared that a recession was in sight and investors should buy bonds.

 The full post can be found here.