Today's slate of economic data was/is the biggest of the week, by far.  Results were mixed at 8:30am with higher jobless claims and weaker durable goods offset by a big beat in Q4 GDP (3.3 vs 2.0 f'cast).  GDP itself was offset by its own price tracking data with the deflator dropping to a measly 1.5% versus a 2.3% forecast.  The more consumer-focused PCE price index was 2.0% at the core level.  Still, a big beat on the first reading of Q4 GDP is worth some concern about a bad bond market reaction.  Thankfully, there wasn't more than a few moments of weakness before bonds rallied into moderately stronger territory.  Claims and price data are likely helping, but a European bond rally may be helping even more.

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(NOTE: in the chart above, German 10yr yields are on a floating/overlaid axis... This morning's drop was roughly 2.36% to 2.28%)