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Interest rates continue taking most of their cues from the fluctuations in oil and stock prices. This is a break from historical norms where rates have typically paid much more attention to economic data (the reports on various economic metrics that are released on a set schedule throughout the month).
Source: Kevin Litwicki Universal Lending
Volatility Means What You See Is Not Necessarily What You Get

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One of the most comforting things about trying to predict the future in financial markets is that there are always so many other people trying to predict the future at any given time. That means the entirety of investor expectation is always baked in to current levels. In other words, if there was a way for investors to know that stocks and rates would continue lower from here, people would already be trading accordingly.
Source: Kevin Litwicki Universal Lending
2016’s Wild Ride Already Over or Just Getting Started?

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