Weaker Data Reinforcing The Ceiling
Bonds had been hoping for econ data to reinforce a ceiling after a recent run to the highest yields in months and the past few days have delivered. The resilience has drawn both on the data and on several Fed speakers forwarding the notion of "skipping" the rate hike on June 14th. All this despite the debt ceiling deal passing the house and likely to pass the Senate more easily. Today's contribution comes from a big miss in Q1 labor costs (4.2 vs 6.0 f'cast) and a big drop is ISM Manufacturing "prices paid."
Bonds definitely aren't stampeding toward lower levels, but they're definitely shying away from last week's ceiling. The next challenge will be a definitive break back into the previous trading range--something that would probably requi
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