While some investors view monetary policymakers» aversion toward market jitters (preference to maintain an «anti-wolf» policy) as bullish risk and argued for
continued bearishness toward volatility, the experience in Yellowstone would serve as a counter-argument that prolonged «risk suppression» would only breed complacency.
Certainly, the extreme present
bearishness on the treasury debt market is helping to support prices where they are but once that is worked off we think the downtrend in prices (meaning up - trend in yield)
continues.