WORRYING: BIDEN ECONOMY: Bonds at 49-Year Low – Stocks Having Worst Year Ever!
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[This is worrying. Jan]
The Biden economy is so bad that the bond and stock markets are currently having their worst years ever.
The DOW
The DOW is down over 1,000 points since the day Biden stepped into office after stealing the 2020 Election.
On January 20, 2021, the DOW closed at 31,188. On Friday the DOW closed at 29,590. This is a 1,598 drop for the DOW since Biden stepped into office.
Americans are watching their 401k’s disappear due to the Biden economy.
The DOW is currently down more than 6,700 points this year alone (the DOW was at 36,338 on December 31, 2021).
The worst year prior to this was 2008 when the DOW was down 4,488 points.
If this decrease stands till year-end, this decrease will be the largest decrease for the DOW for any year in US history.
The Bond Market
The bond markets are at least as bad as the stock markets, if not worse. The Markets Insider reported last week:
The unraveling of the bond market will continue to batter stocks over the coming months, according to a Friday note from Bank of America.
Bonds are experiencing their worst decline since 1949 as interest rates soar amid a global central bank campaign to fight inflation. The US Aggregate Bond ETF is down 15% year-to-date, while global bonds are down even more.
But those soaring interest rates, and consequently falling bond prices, run the risk of forcing further liquidations in the stock market that would effectively unwind the most crowded trades held by investors over the years.
“Bond crash in recent weeks means highs in credit spreads, lows in stocks are not yet in,” BofA’s Michael Hartnett said.
Specifically, Hartnett said the ongoing bond market crash can lead to a credit event that would effectively unwind the long US dollar, long US tech, and long private equity trades, which have been widely held by investors for years.
Those crowded trades have helped catapult mega-cap tech companies like Apple, Amazon, Alphabet and Microsoft into trillion-dollar behemoths that make up nearly 20% of the S&P 500.
“True capitulation is when investors sell what they love and own,” Hartnett said.
Aside from investor capitulation, one more sign that a bottom in the stock market has arrived is when interest rates peak, but given the Fed’s hawkish commentary at Wednesday’s FOMC meeting, that may not happen anytime soon.
Biden has managed to collapse both bonds and stocks and the worst is yet to come.
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