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Rates Drive Everything, Again
- The great financialization
- Summary
Rates drove the risk markets higher. It is the great financialization again. Let it run.
Rates have been falling since early October. Risk markets have been going up at the same time. Rates seemed to drive everything again. Another way to look at it is that everything was financialized.
What happened after the Fed meetings on December 13th was revealing.
The 10-year yield fell below 4% on the 13th and kept falling. This pushed the risk markets to new highs.
Rates/Fed seemed to become the only market driver in December. After the Fed meetings on December 13th, everything was “financialized”, including oil.
The 10-year yield could fall further since markets always overshoot. The momentum is here. It will keep going until it stops.
There are two strategies in this scenario:
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