Bad News Is Bad News, Stocks & Bond Yields Tumble After Data Triple Whammy

Well this is not supposed to happen. 2015 appears to have started with the “bad news is bad news” meme engaged as the standard USDJPY-driven opening ramp has collapsed on the back of a triple whammy of terrible data (US PMI, Construction spending, and ISM). The Santa Rally (theoretically due to finish at the close on Monday) is in danger of not being a no-brainer… Treasury yields are plunging (10Y -6.5bps at 2.10%) Stocks only hope now is a 120.00 bounce in USDJPY.