There are some receiving demand on the back of the supply.
These are ugly numbers for bonds. I have been calling for 10-year yields to move back above 4.6 percent.
This is big news. People sort-of thought it was inevitable, but it's still come sooner than many expected.
Today is about positions unwinding and we should not confuse price action with new, fundamental, information. When unwinds of magnitude take place, they have an endgame -- those positions will square and/or strong hands will dominate.
We are getting hit with an enormous amount of supply. That is having an exaggerated influence.
We cannot take solace from these figures as the upward revision to the core PCE deflator takes the year-on-year rate to 1.9 percent, up against the Fed's outer boundary.
We deem this action representative of a market that has lost the flurry of last week's panic buying and instead is rethinking its view as to the near-term motivation of the Fed and the impact of Katrina.
We're anxious fence-sitters. Yields are back to where we like them -- and we'll like them more if we see more buyers and improved price action.
We've seen dip buying and think that's a precursor to larger commitment into supply.
While the curve has moved to flat as a pancake to a bit inverted and yields open the year near 4.38%, we are not excited about further inversion just yet.
Without more critical information, people are not going to be willing to push it. I don't think the market has been short enough or bullish enough to push this rally further.
Without the benefit of data or issuance, the impetus to extend those gains is limited.
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Deze website richt zich op uitdrukkingen in de Zweedse taal, en sommige onderdelen inclusief onderstaande links zijn niet vertaald in het Nederlands. Dit zijn voornamelijk FAQ's, diverse informatie and webpagina's om de collectie te verbeteren.