So they sell $14 billion 30-year Treasury today and the White House is proudly presenting $17 billion savings in the budget.
Seems like this auction and the budget are what's tanking the market, not the so-called stress test.
Bond Market is much bigger than the stock market; now that fund managers have been told to buy stocks and leave bonds, it creates an exodus out of bonds. Very hard to spin this as a plus for consumers and those needing to refi their debt.
Bond Market is tightening for the FED. Good for gold and commodities but dollar will crack.
Auction was OK but had to offer higher yield on 30 year auction and buying less than enthusiastic. I find it easier to watch the TNX during the day. Banks make more money but those having debt have to pay more. all these trillions for banks and insurance companies and nothing for the people