Everyone Loving Bonds Right Now. Why?!: 3-Minutes MLIV

Watch on YouTube ↗  |  February 10, 2026 at 09:11  |  3:32  |  Bloomberg Markets
Speakers
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist

Summary

Mark Cudmore of Bloomberg MLIV discusses why global bonds are rallying despite news flow that should have pushed long-end yields higher. He is confused by the price action, sees the bond rally as unsustainable, and remains cautious on near-term stocks while structurally bullish for 2026. He also expects further washout in momentum and meme trades, sees crypto, precious metals, and some tech names trading poorly, and thinks the rotation from US to non-US equities makes fundamental sense but has gone too far.

  • Mark Cudmore is puzzled by the global bond rally given negative news flow for long-end bonds.
  • He maintains a bias for weaker bonds and higher yields, but with low conviction.
  • Short-term stock price action looks fragile and may consolidate rather than rally sharply.
  • He expects a further washout in momentum and meme trades.
  • Crypto, precious metals, and some tech names are trading poorly despite recent rallies.
  • He is structurally bullish on stocks for 2026.
  • The rotation from US to non-US equities makes fundamental sense but has gone too far.
  • Software selling is indiscriminate; some names should suffer, but not all.
Ideas
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 0:20
Long-end bond rally looks unsustainable.
The week's news flow—tight election result, UK political problems, Trump/Warsh 15% growth talk, and corporate debt binges—should have pushed long-end yields higher, yet global bonds rallied strongly. He does not think this bond strength is sustainable and his bias is for weaker bonds/higher yields, though he has low conviction and is on the back foot.
TLT MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 1:46
Near-term stocks fragile, likely consolidating.
Short-term stock price action remains fragile; powerful short-term rallies can occur in bear markets. If yields stay supportive, stocks may consolidate rather than roar higher, and he remains worried about the near-term price action.
STOCKS MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:26
Momentum and meme trades face washout.
Big squeezes tend to be negative, and if forced to choose, he expects a further washout in momentum trades and meme trades.
MOMENTUM STOCKS Meme stocks MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:32
Crypto, metals, tech trading poorly.
Despite some powerful rallies, crypto, precious metals, and some tech names are trading poorly and remain vulnerable to further washout.
GLTR XLK MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:55
Non-US equities favored, but rotation extended.
He has long argued US stocks will underperform because the rest of the world is cheaper and the rotation is a value play away from tech. The rotation still makes fundamental sense, but it has gone a long way and now worries him.
VXUS MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 2:55
Non-US equities favored, but rotation extended.
He has long argued US stocks will underperform because the rest of the world is cheaper and the rotation is a value play away from tech. The rotation still makes fundamental sense, but it has gone a long way and now worries him.
SPY MED
Mark Cudmore Executive Editor, Bloomberg Live / Macro Strategist 3:13
Software selling indiscriminate, selectivity needed.
The indiscriminate selling of the software space has gone overboard. Some software names should suffer, but not all, so the sector requires selectivity and may offer opportunities among unjustly beaten-down names.
IGV MED
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This Bloomberg Markets video, published February 10, 2026, features Mark Cudmore discussing TLT, STOCKS, MOMENTUM STOCKS, Meme stocks, GLTR, XLK, VXUS, SPY, IGV. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mark Cudmore  · Tickers: TLT, STOCKS, MOMENTUM STOCKS, Meme stocks, GLTR, XLK, VXUS, SPY, IGV