Heading into the day, the 8:30am Retail Sales data was the obvious pick among the available economic reports to be a potential market mover. Reality had other ideas... weird ones. After months and months without any major reaction, this morning's weekly ADP employment finally made its presence felt, even if only by the smallest of margins. Retail Sales definitely garnered a higher volume reaction, but it was balanced between buyers and sellers whereas ADP actually caused a small directional move. Fortunately, it's so small that we've already talked about it too much. Bonds are essentially flat and the rest of the day now becomes about the familiar task of sitting and waiting for any interesting war-related developments.
Bonds Not Keen To Catch Falling Knives
Bonds Not Keen To Catch Falling Knives
Oil lurched higher again overnight which kept generalized pressure on the bond market and the Fed rate outlook. The nearness to long-term highs had traders feeling very re…