Bonds Making a Stronger Case For Buying The News After Selling The Rumor

"Buy the rumor, sell the news" is an age-old aphorism in financial markets for a reason.  It accurately speaks to the real and repeatable phenomenon whereby traders trade all the information and indications about a specific event well before the event itself.  The most obvious and and reliable example is that of Fed rate cuts/hikes which even have their own futures contracts.  The most relevant example at the moment is that of the pre-election trade whereby bonds priced-in greater odds of a Trump victory and full republican control of congress.  Traders knew rates needed to move higher but the perfect amount of selling was/is a moving target.  It continues to be sorted out, but the past 2 days tell us that the market did a very good job of selling almost exa