Comment: Groping the Elephant
The disparate recent actions in the equity, bond and currency markets remind us of the off-color joke about the conclusions of three blind men who’ve happened upon different parts of an elephant. After recent consolidations and doubt about the way forward, last week, the stock, bond and currency markets all managed to seize upon their own theme and initiate decisive price action. The stock market shook off doubts about the economic recovery and rallied. Rather than sell-off as would be expected in an asset shift between bonds and stocks, the bond market…
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