Bond markets began the day on relatively level ground vs yesterday. It was, and has been up to GDP to cast the first major vote on whether or not bond markets move on to new highs for 2014 (or lows in terms of yield), or if they would be turned back toward the center of the range.
Long story short, GDP came in every bit as hot as it was likely to, and bond markets have been selling-off ever since. Both the data result and the market reaction are no surprise if you read the first post of the week. If you didn't, here it is.
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