But I really think we're on hold for the number coming out tomorrow.
I have a hard time seeing the bond market going higher from here.
In all reality, it's been a quiet day and there's not a lot of participation. We're going into an FOMC meeting next week so everybody is sitting on the sidelines a little.
Oil is down significantly, stocks are basically flat and bond investors are looking at overall valuations of assets and are perhaps doing a little bit of bargain shopping right now.
Consumers are so focused on that price at the gasoline pump that a significant rise will dampen expectations. That is certainly supportive of the bond market.
It's got to be the real estate number, because everything else this morning has been pretty bond-unfriendly.
The action you are seeing is probably in reaction to selling that has been going on the past few days; a recovery that looks technically driven to me.
We've got some important numbers. It might take a real surprise number to break out of this range.
You get the impression traders are putting an awful lot of weight on the Fed Chairman stating there could be a pause but that this may not be the end of rate increases. We had conflicting economic data and that leaves traders with nowhere to go but the trend.
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