from ZeroHedge:

By Michael Every of Rabobank

Even the neoliberals don’t want neoliberalism

“Are you now, or have you ever been, a member of the Neoliberal Party?”

Markets were roiled Monday, with another epic surge in bond yields. “Stocks and bonds have worst half in history” was the Bloomberg headline; as our own Christian Lawrence points out, it was the worst 60/40 portfolio return in 90 years, and the second worst in 122 years. Ouch! Then we saw a massive bear steepening of the US curve on the day, with 2-year yields +14bp to 4.34% and 10-year yields +24bp to 3.92%, the highest since 2010. Ouch again!