Market On Open, Wednesday 5 February
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Bonds
by Alex King, CEO, Cestrian Capital Research, Inc
Well, as discussed and disclosed in our Inner Circle service, I have been accumulating US government bond ETFs for a little while now and this may be beginning to pay off. I suspect the current cost-down initiative in DC and beyond has at least one intended audience, being the bond market, the better to cram down those stubbornly high yields. Today yields are falling across the spectrum.

If this pattern continues we may see the justification for all the institutional accumulation in US government bond ETFs in recent months.
Probably but not definitely, falling yields would be supportive of equities at this point in the cycle too. On a day when Google and AMD both got hit on earnings, the Nasdaq is down less than a half point; something else must be supporting that and my guess is it is money getting cheaper.
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