The Yellen Reaction: Stocks Down, Gold Down, Bonds Frown

The Yellen Reaction: Stocks Down, Gold Down, Bonds Frown

Treasury yields jumped 3-4bps higher on the release of the Yellen testimony but are rapidly reverting that loss. Gold and silver were double-slammed but gold remains above its late-day (pre-spike levels) from yesterday at $1280. Stocks and USDJPY entirely decoupled which must have shocked a lot of algos but having failed to ignite any momentum in stocks, USDJPY is now fading fast.

The machines lost control – USDJPY insta momentum ignition failed entirely and is now fading back under the pre-Yellen levels…

Gold was spanked but bounced off pre-close ramp levels from last night…

The initial sell in bonds is quickly reverting…

Charts: Bloomberg

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