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Welcome To The Chaos Mr. Powell!

Daily Recap

Green is my favorite color, for several non-arbitrary reasons. It is also the favored color of stocks today, 'round the world. The Asia Dow got a 0.90% bump, with every major market in tune with that, but on holiday-driven low volume. Same in Europe, with the STOXX 600 up 0.53%, and ditto on the unanimity, but not the holiday. Non-US American markets came along also, with every major exchange index up from yesterday.

How come? Because the correction went too far, too fast. But also because of good news on wholesale prices, on jobs, and on manufacturing activity. That doesn't sound too good for the grumpy old fixed income markets, which were actually pretty quiet today. The 10-year note was about unchanged, with a 2.903% yield – quite a bit better than its 2.945% print early in the session. The US dollar index took another one on the chin, down ... Log in or subscribe to continue reading.

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