Resilient In Spite of Hotter Inflation; There's Something About 9:30am

Both the June PCE inflation data and the Employment Cost Index came in hotter than expected this morning.  Bonds certainly thought about selling in response, but quickly recovered.  While this isn't a huge surprise considering PCE told the same story as the June CPI data that came out 2 weeks ago, it's nonetheless refreshing to see.

There's Something About 9:30am

The most obvious observation about 9:30am ET is that it marks the opening bell for the NYSE.  That may be the stock market, but bonds increasingly seem to care.  Part of the reason is the ever-increasing prevalence of bond-related ETFs that start trading during NYSE hours.  Beyond that, it's simply another "