Dollar & Bond Yields Plunge As Cohn Doubts, A Draghi Dud, & Debt Ceiling Denials Dominate

Ugly jobs data (hopefully transitory), uglier energy industry data, and ugliest comments from Trump on throwing away any fiscal restraint with the debt-ceiling bathwater left the dollar down, stocks lower, and bonds and bullion bid...

Was this Gary Cohn driven?

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The Dow (hurt by DIS, GS, and TRV) and Small Caps sank on the day... (stockas levitated after Europe closed yet again)

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Trannies scrambled back to unch on the week...

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Reinsurers extended losses today...

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VIX limped lower again today, desperate to get S&P green (but failed)

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Even as realized vol surges...

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For now only FX vol is "getting it"...

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Bonds are from Mars, Stocks are from Venus?

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Treasury yields tumbled once again...

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Pushing 10Y to a 2.03% handle...

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The lowest since election day...

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But, but, but... how can interest rates be this low? It's the 'real' economy, stupid!

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Bloomberg's Vincent Cignarella points out something interesting...Lest you have any doubts that the Fed is on hold for the time being, consider this: Is the central bank really determined to drive the effective Fed Funds rate through the two-year yield with another 25 basis point hike? Highly unlikely.

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