No Help From Data Today

This morning's line-up of econ data is certainly not the most relevant to the bond market, but the NY Fed Manufacturing index has registered an impact at times.  This is not one of those times.  While volume suggests traders waiting to make trades at 8:30am, there was no bias toward higher or lower levels at that particular time.  Some selling pressure was already in place starting at 8am and more selling kicked in just before 9am.   The other data wasn't relevant, but the big miss in NY Fed (-20.9 vs -7.0) arguably could have been.  The fact that it offered no help is a sign of the troubled times for bonds.