Mortgage Rates Back Under 6% For First Time in Months, But Just Barely
Bonds Talked Into Modest Gains by Europe
US bond traders didn't necessarily come into work with the intention of adding to yesterday's rally. It was only after European bonds exploded into stronger territory that US yields grudgingly followed--very grudgingly. In fact, as soon as European trading wrapped up for the day, US yields rose back to meet yesterday's 3pm closing levels. Several big corporate bonds may have added some pressure. We can also consider that US bonds already had a fairly big rally after the Fed yesterday. But the simplest view would be that it didn't make sense to get too carried away with the jobs report
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