Treasuries Exact Revenge on Stocks

Bonds moved higher in a reversal of Wedenesday's rate cut euphoria as earnings warnings sent equities lower

Call it revenge of the bonds the day after the Fed's preemptive rate cut, for the cash yield curve steepened sharply and the Mar bond clawed back into the 105-handle. This came at the expense of equities, which ceded a fraction of their grotesquely large gains yesterday.

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