Pre-open equities are soaring on the believe that there is movement afoot to kick the can down the road and provide more heroin to their coffers.
Yet the larger bond market doesn’t see the same light at the end of the tunnel. Yields are moving higher as institutional investors sell off short to medium bonds and bills.
Perhaps the adults in the room — bonds — see the light, but know its a train barreling into the markets.
Either way Treasury chief Jack Lew is to testify before Senate Finance panel in 20 minutes, which could take so of the wind out of the Dow and S&P futures.