Despite the clear message from stocks that everything in the world is awesome, 30Y Treasury yields have tumbled back below 3.00% - 1-month lows. Perhaps the slew of disappointing data is right after all that the US is not decoupling... just don't tell stocks. Against expectations of a 16 print, Richmond fed printed 4, plunging from its  exuberant 20 levels last month. This is the biggest miss since Jan 2013 (and biggest MoM drop since May 2006) as new order volume collapsed, employment and workweek tumbled, and most major future expectations indices dropped.

Richmond fed collapsed...

What do stocks know?

As 30Y broke back below 3.00%

Richmond Fed Breakdown...