This week has brought a series of fairly simple mornings with the initial reaction to economic reports playing out in a logical direction.  Monday: stronger ISM pushed rates higher.  Tuesday: stronger JOLTS caused heavy selling. Wednesday: weaker ADP helped bonds recover.  Thursday: stronger claims led to initial selling pressure.  Now today, the biggest report of the week is unsurprisingly producing the biggest result.  Time to reset the clock on waiting for econ data to make a case for friendlier Fed policy and a better rate outlook.

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