The AM So Far...

  • 5 ticks up so far in 4.5's to 99-15
  • tsy futures flluctuated overnight, but coming of domestic session reversed any losses.
  • productivity and costs better than expected 6.4 vs. 5.5 consensus  and -5.8 vs -2.8 consensus respectively
  • Auction is big data item of the day at 1pm

Recap of Previous Session

  • Testing to see if we held below 99-00...  We did not!
  • fairly sizeable rally actually
  • but assessment (and excitement) was muted due to low volume and important data mid-week
  • got to 99-10 on the 4.5.  Tsy futures stayed strong
  • stocks had a rare negative day.

In The Time It Takes To Type... (NEW!)

  • Off the best levels of the morning by 2 ticks (99-16 to 99-14)
  • Still better than best levels from yesterday
  • tsy futures slightly higher than closing levels, 116-00 feels in reach