Slow Motion Jigsaw Puzzle

"We now have Black Swan price action on White Swan information". That's been the BlondeMoney mantra this year. And so it continues...

1. Bond outflows

The spike in US 10 year yields through the supposedly panicky 3% level has barely (yet) touched the stock market. But it has certainly had an impact on bond flows (h/t @lisaabramowicz1). The ETF that follows the Barclays Aggregate Bond Index (AGG) had its biggest one-day outflow EVER (and it's been running for fifteen years) with . . .

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