It's hard to come up with positives in the market. It's another leg in the string of factors that point to a long stream of losses in bonds. |
That concern was definitely there, so that's why you see the market rallying. |
The curve inverted modestly yesterday, and people are piling on. |
The focus is on all this supply. |
There are some profit-taking pressures coming into the market. |
There's a sense that the G7 meeting sort of supports intervention in the market so you could see some good foreign flows into Treasuries. |
To a certain extent the market is correcting the bullishness that came from the Fed minutes because the text was a lot less dovish than the headlines. |
You're not going to get a clear signal until tomorrow. |