What started out as a slow day with some small economic data and indexes trading sideways, ended up as a brutal day for banks with indexes down nearly two percent. Let’s starts off with the data, Initial Jobless Claims came in at 211k above estimates of 195k. In the typical “bad news is good news” theme, futures erased a 30-bps pre-opening deficit and opened the day in the green. Rates followed in suit with the US10Y (3.913%) dropping 75 bps pre-open and closing below four percent. The US2Y (4…
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