Like a pinball stuck in a machine, markets have been wedged in. The S&P 500

hasn’t seen a move greater than 0.4% in either direction for the last seven consecutive sessions. If the stock market were to close for the entire rest of the year, a 12% rise in the S&P 500 certainly wouldn’t be a bad result, but it’s worth examining why there’s so little movement right now.

It might be worth looking at the benchmark asset for all securities, the 10-year Treasury
After surging from below 1% to as high as 1.78%, the yield on the 10-year Treasury has just kind of drifted. That’s despite sensational economic data, including the 70 reading registered on the IHS Markit services purchasing managers index released Thursday.

The Institute of International Finance, the trade body for banks, said what’s going on is that…

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