Risk-off-ISH is on! In what already felt like a vulnerable start to the week, yesterday’s hawkish tone from the Fed minutes has been followed up today with a rather souring ADP Employment print at more than double the market’s median expectations. As yields quickly reacted higher (for-longer…), sentiment fell in contrary. The 2yr acted in drastic fashion punching above 5% for most of the session and ending just barely below. Both the 10yr and 30yr are now above/at 4% as fears were re-ignited…
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