It was an impressive rally overnight, US markets have been doing very well. This came in the face of sharply rising nominal rates and real rates as well. Both nominal and real interest rates went up. That is surprising for many and it is a puzzling time to many who watch bond markets and equity markets work.

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The S&P500 was up about 1.25 percent, NASDAQ was up nearly 2 percent or so. The rates – the 5-year went up 8 basis points (bps) to 2.4 percent, the 10-year went up 9 bps to 2.38.

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Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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