Market recession trade?

The unusual performance of gold and U.S. Treasuries last night seems to indicate that the market has returned to a risk-off logic,

When oil prices rose a while ago, U.S. stocks, U.S. Treasuries, and gold all fell together. However, after the bearish news came out last night, gold and Treasuries did not follow U.S. stocks in a sharp decline.

The yield on the 2-year U.S. Treasury note fell from 4% to 3.9%.

And gold also surged.

It's important to know that both gold and U.S. Treasuries are safe-haven assets. The market's analysis is that investors have shifted their focus from short-term inflation concerns to long-term recession fears.

However, it's impossible to conclude based on just one day's performance. We need to observe more, for example, by looking at their reactions the next time the situation heats up.

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