On election night, the impossible became possible, then probable, then fact. Markets whipsawed about, dropping 5% through the night, breaking even by morning, and then started to climb.
The Ten Year Treasury is up by about a half-point as are corporate bond rates. If the scent seems familiar it’s: Yield!
The irony of course – after all the hand wringing as to how markets might react to a Fed rate hike…
The markets went ahead and raised rates without the Fed.
Janet Was the last one to know…
