Back to Regularly Scheduled Programming (Unfortunately)

Back to Regularly Scheduled Programming (Unfortunately)

Bonds sold off on Tuesday both during the domestic session and in the overnight hours leading up to it. Motivations are a matter of conjecture as there is not a conveniently obvious scapegoat.  That hasn't stopped journalists, analysts, and traders from chiming in.  The resulting laundry list mostly includes political considerations ranging from specific revelations regarding cabinet appointees to generalizations about the market continuing to process fiscal implications. We'd certainly add a high likelihood of positional considerations with last Thu/Fri now looking very much like an opportunity to cover shorts (makes yields move lower)  and get neutral ahead of the 3-day weekend before getting yields back in line with post-election highs today.