“This is very reminiscent, so far, of 1987”
—Ed Yardeni (via Bloomberg)
Recession jitters, market turmoil in Japan and liquidity concerns slammed bond yields this morning. Despite a hefty intraday turnaround, the sentiment damage is done. Now markets wait for the next shoe to drop.
It's possible yields catch a bounce off this doji formation on the U.S. 5-year yield chart below. If not, brace for a market fireworks.
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