, Columnist
We're Not Floating to Hell on an Oil Barrel
Beware of grand narratives that extrapolate the present into the future.
Predictions are hard, especially about oil’s future.
Photographer: ssuaphoto/Getty Images
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We have a new narrative, and it has us floating inexorably to hell, borne on a flood of oil. That, at least, is the story being offered to explain why markets have turned decidedly risk-averse again, with U.S. stocks suffering their worst day since April 1. Meanwhile bond yields are falling, with the 10-year Treasury below 0.6% once more. Put these together and stocks are lagging behind bonds by 33% since they peaked in January: