BTZ - Fixed-Income Strategy - Part 1: To Buy Or Not To Buy?
A Market Meander
In the 80s, William Goldman, a Hollywood screenwriter, published a book in which he wrote "Nobody knows anything," a comment that explained that no one in the industry knew what movie would succeed or fail. Something along those lines was seen in February's market price action.
The accepted market narrative ran as follows. The equity correction and associated bond weakness that began in February were largely a result of higher-than-expected wage figures which pushed up the number of expected Fed hikes and put pressure on corporate margins. The February monthly CPI print