Media screws the contrary pooch (again)
This time it’s Bloomberg and its BOND KING du jour*, Bill Gross making the call.
And exactly one more hysterical day followed the call before the inevitable pullback (in yields) from the hype. I make no comment on how long yields will pull back because I obviously do not know. But I do make a comment that some kind of contrary reaction was inevitable.
However, anyone paying attention knew that the long bond was overdone to the downside (it’s yield to the upside) and this signal pimped by Bloomberg to harvest your eyeballs came at a logical point.
* The other bond king (lower case) is of course Jeff Gundlach, who seems to be trotted out by the media when the upper case BOND KING is either unavailable, not caring to divulge his positioning or caught up in personal matters.
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