QQQA - The Momentum Move In Treasuries Continues: Where Will It End?

• It looks like the war will last quite a bit longer than investors originally expected. This causes problems for our inflation situation, which ironically may mean a more aggressive Fed interest rate policy.
• The Fed may not be able to do anything about supply chain issues, but it sure can do something about demand, as rising mortgage rates and Treasury yields show.
• The momentum move in Treasury yields is beginning to affect the tech sector again, where in the past two weeks we saw the Nasdaq 100 Index trade down with two distinctive gap-down moves.

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