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If the stock market is irrational, what do you call the bond market?

Mark Hulbert
If the stock market is irrational, what do you call the bond market?

If you thought stock-market investors were irrationally exuberant, you should take a look at the behavior of those in the bond market. Credit for pointing out this crazy situation goes to Vincent Deluard, head of global macro strategy at INTL FCStone, a financial services firm. Before you even think of trying to devise a plausible explanation for why Greek government bonds should yield less than U.S. Treasurys, Deluard reminds you that “Greece is rated B+ by Fitch, has a debt-to-GDP ratio of 181%, a youth unemployment of 40.4%, and its nominal GDP has shrunk by 23% in the past decade.