Bonds are starting the session at the best levels of the week with modest overnight gains getting a small boost from news that Pakistan's army chief (a central figure in mediating US/Iran peace talks) is en route to Tehran. Trading ends at 2pm today instead of 5pm, as is usually the case for a Friday before a Monday federal holiday. Econ data is light, but additional war headlines could still move the needle.
Why Were 10yr Yields Only a Few bps Lower Today?
Why Were 10yr Yields Only a Few bps Lower Today?
If you missed this morning’s commentary, the gist is that inflation for June (via the CPI report) came in much lower than forecast (biggest “miss” in over a year…