Bonds were incidentally and inconsequentially stronger to start the overnight session, but began to see better gains after 7am ET. There were two notable bumps in volume after the 7:30am Challenger job cut data and the 8:30am Jobless Claims data. Of the two, the latter was much more clearly linked to gains. Challenger definitely got a small volume bump, but it's hard to say that the gains weren't already in progress when it came out. The morning's labor market data will be rounded out by the report with the biggest potential (emphasis on "potential") reaction: Job Openings at 10am ET.
Bonds Recover With Oil, But Not Completely
Bonds Recover With Oil, But Not Completely
Ever since bottoming out together on the morning of April 17th, bond yields and oil prices have been moving higher together. The early overnight trading hours ma…