No Green Shoots, but Lots of Green Arrows

Friday has begun with an equity rebound and a Treasury rally at the same time. Global stock markets have, overnight and this morning, rallied to a degree for reasons known best to those buying the stocks. Treasury bonds are enjoying a rally of their own as the Ten-Year barely hangs on to 1% while the Long Bond’s four-point price move has pushed its yield down to 1.60%. Massive monetary efforts by central banks everywhere along with commensurate fiscal largesse by governments everywhere have poured a foundation meant to support and sustain but whose ultimate results are yet to be determined.