After China green shoots died overnight, the US ‘cleanest-dirty-shirt’ narrative just imploded as retail sales contracted in April. This sent stocks and bond yields notably lower..
Dow futs are down 170 points, 10Y yields are testing a 2.35% handle and 2Y yield drops below 2.16% – the lowest since Feb 2018.
The market’s expectation for Fed rate cuts in 2019 are now 45bps!!
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