Both stocks and bonds are holding up nicely as the Fed pumps in enough cash to keep things bubbling along in spite of the fact that banks and foreign central banks (FCBs) are not helping. That is because the Treasury is helping with very light supply and even some paydowns scheduled through early May. The combination of POMO and Treasury paydowns puts cash into investor pockets, burning holes in them. Some players are simply compelled put that cash “to work” in the markets. So they stuff it back into the market where it keeps a bid under stocks, bonds, and commodities, at least intermittently.
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