The bond market has already shown an indifference to this week's econ data as a market mover (even though we expect that to change with tomorrow's jobs report). This morning, however, the trend continues with stronger jobless claims and a big uptick in labor costs failing to inspire a reaction. But there has been movement. A steady wave of overnight selling pushed 10yr yields more than 3bps higher, easily breaking above the 4.10% technical level. Attempting to clearly connect that move to underlying motivation is an imperfect science, yet again. Oil prices and yields continue to correlate, but yields rose faster on a relative basis.
Volatility Picked Up Despite Lackluster News Quality
Volatility Picked Up Despite Lackluster News Quality
It’s not exactly a new problem, but the issue of incorrect or misconstrued headlines is growing larger as the Iran war persists. It makes sense considering t…