In a week replete with chaotic movements and arrangements, a puzzle has emerged. Conventional wisdom says that when stocks tank, bonds rally. While the latter takes place regardless of the former, during those times when the NYSE finally pays attention to what might be herding financial agents into safety instruments, the bond market typically rallies even harder.
It sure did over the last couple of weeks as both curves and stocks collapsed in angry togetherness.
This week, however, even as equity prices continued to get slashed, Treasuries especially at the long end seem to have