The trading day has been fairly straightforward so far. After yesterday's rout in equities markets, we're seeing a nominal bounce back. Whether that marks a turning point or simply some consolidation ahead of more selling may well be decided by the next 3 days of data. Whatever the eventual path may be, bond markets are experiencing a similar corrective bounce as they continue to mirror and match movement in equities.
The day's economic data has been inconsequential, as expected. Most of the day-over-day losses were seen in the overnight session with fairly well contained drifting since then. Unfortunately, the drift has been toward higher rates, and we're right on the edge of negative reprice risk here at mid-day.
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