Yesterday's natural impulse for the domestic bond market would simply have been to move toward higher rates due to a raft of upbeat economic data in the morning.  While the data did indeed push yields higher, European trading helped to push back due a favorable reaction to the comments delivered with the ECB announcement. 

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The shoe is on the other foot today after an uptick in French inflation and hawkish comments from an ECB official (and perhaps just a tradeflow-driven correction to yesterday's EU bond market gains).  In plainer English, EU bond yields spiked overnight and pulled US yields along for the ride.  

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