Bond market veterans are struggling to remember the last time stocks sold off 2%, and yields on the long end of the Treasury curve actually rose sharply. But just that scenario occurred on Friday.
Across the pond is a different story, with the German 10-year Bund yield lower by 3.6 basis points to 0.73% as stocks in Europe slump 1.4%.
In other fixed-income related news, new Fed Chairman Jay Powell was sworn in this morning. Janet Yellen heads to the Brookings Institution, but not before presenting Wells Fargo with a departing gift late on Friday. WFC is lower by 8.4%.
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