What an ugly day this has been in the stock market–while I hold no common stocks I keep a close eye on what is occurring there. Down all day and each time there is a little bounce the sellers come in–maybe investors are finally believing that a recession is on the horizon?
The 10 year treasury yield has been as high as 2.95% this week and currently bouncing around 2.90%-2.91%–income issues haven’t been liking interest rates or apparently Jay Powell saying 50 basis points are on the table for May. I don’t really get it as I thought that everyone was already expecting that sort of an interest rate increase–apparently not everyone.
Once again $25 preferreds and baby bonds have been spanked for a 1% loss this week–these weekly losses are a bit painful as the dividends and interest payments are not keeping up with the capital losses. Just the same I haven’t sold a think–nor have I added more this week–just too damned busy with ‘real work’ to even be watching my accounts very closely.
Well with the S&P500 off 2.09% as I type I guess we will see if buyers come in during the last 2 hours or if markets capitulate and drop prices even sharper.