S&P 500 Surges Green OnEURJPYExuberance; TreasuriesSold
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As we noted earlier, this is not what the White House was hoping for. Thanksto no T-BillpolicebeingatworktodayandonthebackfoJPY-carrytrades, the S&P 500 has nowjoinedtheNASDAQinthe green fortheday having risen non-stop since Europe closed. Treasury futures are selling off notably too (and were higher in yield long before equities went green) – with the 5Y (shortest maturity trading) the worst hit. It’s unclear whether the Treasury weakness is just a reflection of equity exuberance or (given the short end weakness) reflects anxiety over the deadline.

Same Stuff Different Day – JPY-carry funding the levitation in hope…

As the S&P fills the gap and takes out the stops from Friday…

and the shorter-end of the Treasury curve selling off more than the rest…

Now – where have seen this price action before?

Charts: Bloomberg

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