Treasury yields tumble probably the most in a decade and gold soars, whereas shares sit at two-month highs and credit score spreads tighten. Markets are telling a whole lot of tales today. Divining a unified sign from them has hardly ever been tougher.
The ties that usually bind asset lessons have come unfastened. Treasuries and equities each gained final month. Treasury turbulence stays nicely above inventory volatility after March noticed the widest hole between the 2 since 2008. Gold neared an all-time excessive on rate-cut bets at the same time as credit score merchants confirmed confidence in firm balanced sheets. And traders hold pouring money into cash market funds.