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The Stock Bond Correlation
Since 1998, long-term treasury bonds have been up 84 out of 100 worst days for the stock market. That means stocks down, rates down, bond prices up, perfect hedge for the stockmarket. 35 of the 100 worst days, pre-1998, we saw bonds up on days that stocks were down. The point is, this market structure that we're familiar with, it didn't exist prior to 1998. This is a new structure.