While all eyes are focused on the “V” recovery, the bond market is in a stealth reversal; interest rates moving higher.
Everyone’s expecting negative rates. What if that does not happen?
Today (Tuesday, May 12th) could be the day where the long bond (TLT) makes a new daily low; confirmation we may be in a dangerous reversal to higher rates.
For those who can remember the fall of 1987, the market was extended; bonds had already pivoted to the downside.