“Markets whisper before they scream.”
There are weeks when financial markets drift like a lazy river… and then there are weeks when something shifts beneath the waterline. You can’t always see the cause. You can’t always pinpoint the moment. But you feel it.
This past week was one of those weeks.
Interest rates slipped lower. Housing wobbled. Labor data contradicted itself in a way that should make anyone paying attention sit up a little straighter. And the bond market...that dull, gray oracle so often dismissed by the impatient...quietly blinked.
But why did it blink?
And what does it see that most people don’t?
To answer that, we begin where every serious macro story begins: with the 10-year Treasury.
Because when the 10-year starts whispering, everything else eventually gets dragged along for the ride.
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