Bonds are going on tilt. How to play them, says Mike Khouw
Published . Updated .
Warren Buffett once said interest rates are to asset prices what gravity is to matter. If the options market is correct, things could get heavy, says Mike Khouw.
Directly affected
- GRVY Gravity
Named in this report.
Indirectly affected
- TLT iShares 20+ Year Treasury Bond-1.8%
Long-term bonds move when yields change
- IEF iShares 7-10 Year Treasury Bond-0.9%
Treasury bonds move when yields change
- SHY iShares 1-3 Year Treasury Bond-0.3%
Short-term bonds move when the Fed changes rates
- SPY SPDR S&P 500+1.6%
Stocks move when the Fed changes the rate path
- JPM JPMorgan Chase-4.3%
Bank profits move with lending and interest rates
- BAC Bank of America-18.8%
Bank profits move with lending and interest rates
- GS Goldman Sachs-8.5%
Bank profits move with lending and interest rates
- XLF Financial Select Sector SPDR-3.9%
A fund of financial companies
- KRE SPDR S&P Regional Banking-4.4%
Regional banks are sensitive to interest rates
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| GRVYNo price data for this ticker | — | — | — | — | — | — | — |
| TLTNo price data for this ticker | — | — | — | — | — | — | — |
| IEFNo price data for this ticker | — | — | — | — | — | — | — |
| SHYNo price data for this ticker | — | — | — | — | — | — | — |
| SPYNo price data for this ticker | — | — | — | — | — | — | — |
| JPMNo price data for this ticker | — | — | — | — | — | — | — |
| BACNo price data for this ticker | — | — | — | — | — | — | — |
| GSNo price data for this ticker | — | — | — | — | — | — | — |
| XLFNo price data for this ticker | — | — | — | — | — | — | — |
| KRENo price data for this ticker | — | — | — | — | — | — | — |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
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Warren Buffett once said interest rates are to asset prices what gravity is to matter. If the options market is correct, things could get heavy, says Mike Khouw.
Source: CNBC Top
Taiwan Strait
Trades by members of Congress and officials in the stocks in this story
- Sen. John Boozman bought IEF (jointly held), worth $1,001 - $15,000 on 9 Sep 2026. That is 3 days before publication. Filed 21 Oct 2026. View the filing.
- Frank J Bisignano, an executive branch official, bought Spdr S&P 500 Etf Trust (SPY), worth $50,001 - $100,000 on 16 Jun 2026. That is 88 days before publication. Filed 8 Aug 2026. View the filing.
- Frank J Bisignano, an executive branch official, bought Spdr S&P 500 Etf Trust (SPY), worth $500,001 - $1,000,000 on 16 Jun 2026. That is 88 days before publication. Filed 8 Aug 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM), worth $15,001 - $50,000 on 4 Sep 2026. That is 8 days before publication. Filed 1 Oct 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM) (held by a spouse), worth $15,001 - $50,000 on 4 Sep 2026. That is 8 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a spouse), worth $100,001 - $250,000 on 27 Aug 2026. That is 16 days before publication. Filed 4 Sep 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 9 Sep 2026. That is 3 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Laurel Lee sold Bank Of America (BAC) (held by a spouse), worth $50,001 - $100,000 on 24 Aug 2026. That is 19 days before publication. Filed 16 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Bank Of America (BAC) (held by a dependent child), worth $1,001 - $15,000 on 7 Jul 2026. That is 67 days before publication. Filed 7 Aug 2026. View the filing.
- Rep. Maria Elvira Salazar sold Goldman Sachs Group (GS), worth $1,001 - $15,000 on 24 Sep 2026. That is 12 days after publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael Rulli bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 3 Sep 2026. That is 9 days before publication. Filed 2 Oct 2026. View the filing.
- Rep. Gilbert Cisneros bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 26 Aug 2026. That is 17 days before publication. Filed 10 Sep 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
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