Dec
13
Range of Bonds, from Victor Niederhoffer
December 13, 2010 |
Range of bonds was only 4 times as great as stocks today. One still wonders what terrible collisions in the foundations of markets would be caused by a 5% yielding 30 year bond compared to 4.4 % today.
Jordan Neuman comments:
The Baa corporate bond yield is a better barometer. While spreads have narrowed, there is still room to tighten before they return to the glory days. While none of us (Rocky?) expect that, stocks could survive a 5% 30-year with the Baa rate where it is. That being said, stocks would be in trouble by this metric if the Baa would follow the 30-year's direction even a little.
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