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Looking for deeper insight on markets? In tonight’s Closer sent to Bespoke Institutional clients, taking a look at the recent decimation of Treasury yields, we note that stocks have actually held up well, and are not always perfectly correlated with yields. We make a similar note regarding oil before delving deeper into the mess that has been rates. We examine the evidence that interest rates’ movements have been a result of hedging by looking at swap spreads and mortgages. In macro data, we review the US Current Account which showed the largest deficit since 2012 driven by the Goods and Services trade balance. We also show US income from portfolio investment which is at a record and the gross value of goods and services multi-year declines as a share of GDP. We finish with a recap of today’s EIA data.
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