There was a misunderstanding in terms of how the information was presented, and once the issues became clear, the market resumed the rally that we've been having today.
More Quotes from James Caron:
As the Nikkei moves up in price, it signifies growth in the Japanese economy. That will signal higher yields in Japan, which will make them at the margin less net buyers of U.S. Treasuries.James Caron
He's telling you the Fed's probably got more room to continue to hike, but inflation is not going to be a problem. That tells me that the 10-year doesn't need to move that much, but the two-year note probably is going to track toward a 5 percent fed funds rate.
James Caron
People don't want to trade ... They don't even want to hear ideas. They just want to know their books are hedged. If an event -- God forbid -- happened, the market could swing pretty hard. But this uncertainty doesn't create more activity it (depresses) activity because no one wants to do anything. Things kind of grind to a virtual halt.
James Caron
The Fed sounded optimistic about growth, but its view that the risks of inflation and inflation expectations were reduced is the hallmark buy signal for the back end (of the bond curve),
James Caron
The decline in starts shows that higher interest rates are impacting the housing market. That is a story for the bulls.
James Caron
A curve inversion will last until the Fed stops tightening. As long is the Fed keeps tightening and inflation remains benign, the curve should be inverted.
James Caron
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