Good morning contrarians! Some confounding signals from the market over the last 24 hours as bonds have rallied — especially at the short end of the curve — while oil has dropped precipitously. This looks like classic risk-off and doesn’t make sense in light of the ‘higher for longer’ fears we’ve been talking about.

Could something more sinister be afoot? A fund blowup? Or maybe there was a datapoint that went unnoticed but which has led investors to seek out the relative safety of short term bonds, for whatever reason?

Free audio included in today’s briefing so be sure to check it out:
[https://open.substack.com/pub/contrarianpod/p/confounding-signals-from-bonds-oil?r=ag2nj&utm_campaign=post&utm_medium=web](https://open.substack.com/pub/contrarianpod/p/confounding-signals-from-bonds-oil?r=ag2nj&utm_campaign=post&utm_medium=web)

![Image upload](https://cdn.commonstock.com/3cb98a18d0127bc40415d8b4503a784e863d816ae31dea7001dbb09d591503af-2048x1536.jpg)

Short-term bonds have suddenly rallied as oil dropped. What gives?

https://open.substack.com/pub/contrarianpod/p/confounding-signals-from-bonds-oil?r=ag2nj&utm_campaign=post&utm_medium=web

Confounding Signals From Bonds, Oil Markets

Confounding Signals From Bond, Oil Markets…

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