The bond sell-off . . . can be attributed to the stock markets rise, but the market was negatively reacting to the strong Philadelphia Fed index. It shows more evidence that the manufacturing sector has bottomed out.

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The market is looking for numbers that will add to the information set regarding what the Fed might do at their Oct. 5 meeting. The odds have been greatly reduced by what happened Tuesday and with the wording of June 29-30 (Federal Open Market Committee meeting) minutes, but we need more information to see if that's true.

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