Broad Selloff Linked to Geopolitical Worries

A selloff in stocks and bond buying are caused by concerns going beyond US economic woes, Spartan’s Peter Cardillo says. “The safety trade is in progress as geopolitical fears overshadow the Fed fears,” he says as the major stock indexes fall around 2% or more and Treasury yields decline. The markets’ move has implications for the Fed, Cardillo says. “This factor might result in a less hawkish Fed communique pushing yields still lower.”