U.S. Treasury Secretary Scott Bessent has said the yield spike is not unusual or worrisome, pinning the blame on professional investors who had borrowed too much and needed to sell.
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Deleveraging financial markets and putting money to work for the real economy is a 50 year overdue action.
That jives with my thinking. During covid stock market crash I sold my bond mutual funds and switched to stock index funds. It was a no-brainer. Stocks were down much more than bonds.
The recent 20% drop in SPX was another such opportunity. But personally I did not do the switch this time because stocks are still more overvalued than at peak in 1929 before the crash.
Also “professional investors” = globalists. They are willing to take temporary losses to destroy America.