Markets are fully in ping-pong posture. On the close of Tuesday, the 10-year Treasury had a yield of 4.81 percent. End of Wednesday, it was down to 4.73%, an 8-basis point shift in 24 hours. In other words, a sell-off one day and partial recovery the next.
Same with equity markets. The S&P 500 was 4,288.39 on Monday, 4,229.45 at close Tuesday, and then back to $4,263.75 on Wednesday. The Dow Jones Industrial Average went 33,433.35 to 33,022.38 to 33,129.55. Nasdaq cycled through 13,307.77, 13,059.47, and 13,236.01. A sell off followed by some recovery.
That led to some puzzling coverage, as the Wall Street Journal ran the headline, "Bond Selloff Threatens Hopes for Economy's Soft Landing."
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