While equities posted strong returns on Wednesday, the 30-year Treasury yield rallied to a new all-time low yield market of 1.90% intraday. The move felt notably different than the risk-off, flight-to-quality rallies during episodic ratcheting of the rhetoric around the global trade tensions in recent weeks.
While long Treasury bonds quietly set new records, there was noise coming from the other side of the Atlantic. I learned the word "prorogue", which seems like it should mean that you root for villains, but actually means a discontinuation of a session of Parliament. Of course, this was