Thursday , 21 January 2021

MBS MID-DAY: Here’s What’s Really Moving Markets Today (And it’s NOT China)

By Matthew Graham

Posted To: MBS Commentary

It’s not that China isn’t an important cog in the global economy, but the tendency for major media outlets to focus on it as some sort of central market mover is hopelessly overblown at best. As you may have seen (or as you may have deduced from what I’m writing right now), there’s more than a little bit of this overfocus on China in the news this morning. The easiest way to address this is probably with a chart that shows just how much US markets don’t give a damn. Gosh… Ya’d think if the 5% drop in Chinese stocks today is being credited for a bond market rally that the 23+% improvement since mid-November would have resulted in something other than a bond market rally. Do we really care about whatever happened in that tiny white circle in the chart above considering…(read more)

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