An excerpt from this mornings - pre-Fed - Quick Takes Pro newsletter.
In the Treasury market, yields on the 10- and 30-year bonds fell back below their big round number levels of 3% and 4%, respectively. And in the 2-year, the yield spent most of the past week below 0.60%. That is lower than it was when I wrote about it as a harbinger of bearish economic trends in Barron's last month.
The bond market does not give its blessing to the recovery or to a rally in stocks.
Who do you believe? The bond market or BlackRock (notoriously bullish investment managers)?