The S&P 500 fell officially into correction territory on Thursday, down more than 10 percent from its record reached in January.
“I cannot tell you how rare a market condition this is – that yields are rising into this risk pullback,” he wrote in a note to clients Friday.
Rosenberg cited how bonds rallied during the financial crisis in 2008 when the market fell and during other big corrections.
“But not this time. This rare occurrence of bond yields rising even as stock markets decline was a feature in 1987 and 1994,” he added. “What these periods had in common was Fed tightening concerns, jitters over economic overheating and an ever-flatter yield curve. One of these years had a huge correction and one had massive volatility and rolling corrections. Pick your poison.”-from CNBC