Let's face it, the numbers aren't great and the trend is bad.
Bonds are an interesting trade right now.
Last week's repo spike is just the most spectacular example of a long simmering problem.
it seems that consensus is to interpret anything that can be viewed as bad, as actually bad, and anything that could be good, as an aberration that will soon become bad.
Like central bankers, the equity markets seem oblivious to weakening global economic conditions that indicate a recession already is here.
The Fed Chair's statement is such a mass of self-contradiction and obfuscation that it is no wonder his colleagues are deserting him.
The Fed as a group isn't completely sold on another cut yet.
I'm playing for the move down to 1% or 0.50% and earning yield while I wait.
If employment is weakening, it would be a very ominous sign that a recession is getting closer.
Bonds got ahead of themselves and there were number of factors at work.