Reality Check: The Russell 2000 draw-down (which we’ve been warning our customers about endlessly) has hit the Russell for a -10.9% move from its July high.
Meanwhile, the 10-year Treasury yield (which we’ve also been warning our customers about endlessly) has round tripped all the way back to 2.35%. Two big, non-consensus macro wins.
Got #GrowthSlowing yet?
It was just a little over a month ago that David Tepper was on Bloomberg proclaiming the “beginning of the end” of the bond bubble. We were (and remain) successfully on the other side of that trade. The 10-year yield is officially in crash mode (down over -20% YTD).
Yes, it’s been a great year buying the Long Bond via TLT on dips…. Cue the consensus crickets.
