General

Baker Market Update: Oct. 20, 2014


From the flight deck: “The Captain has turned on the fasten-seat-belts sign. There could be some turbulence ahead.” Ya’ think? Volatility has been this week’s predominant theme for both credit and equity markets as a variety of factors have triggered massive rallies and sell-offs and then more rallies followed by the inevitable sell-off before rallying again. All of this back and forth resulted, at one point, in a yield below 2% for the Benchmark Ten Year Treasury Note during Thursday’s big rally. That, of course, was before this morning’s sell-off backed it up to around 2.20%.

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