What Happened to Markets This Morning?

What happened at 10am ET? 10-year Treasury yields spiked over 2 percent (an increase of 6 basis points) just as the written part of Ben Bernanke's testimony came out. The dollar rallied, commodities dropped. Stocks also moved down.

Ben Bernanke
Ben Bernanke

Traders immediately began searching for something in the testimony that was different than previous testimony, but you’d be hard pressed to find a notable shift in his tone.

Some have noted that his refusal to even discuss or mention QE3 or the end of Operation Twist has been negative (withdrawal of liquidity negative for stocks).

Others point to an exogenous event: there have been rumors of a "fat finger" (mistaken) trade in 10-year Treasurys that occured right after 10am ET.

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