2024-05-06 21:30:00 ET
Summary
- I am sure we will have more corrections in 2024, but as far as the April edition is concerned, it appears to be over, with the Fed Chairman sounding dovish in his FOMC press conference last week.
- The Treasury market cooperated, with the 10-year yield hitting 4.45% on Friday. The week before, we ran all the way up to 4.74%, with corresponding pressure on stocks.
- Not only is the Treasury runoff rate cut by more than half, but the extra MBS money is also going into Treasuries. Clearly, the Fed is targeting lowering long-term Treasury yields.
I am sure we will have more corrections in 2024, but as far as the April edition is concerned, it appears to be over, with the Fed Chairman sounding dovish in his FOMC press conference last week, and the April jobs report coming in not too hot....
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It Looks Like That Was 'It' For The April Correction