Rates caused some concern today after the January S&P Global preliminary PMI surprised traders to the upside across the board. Treasury rates immediately climbed higher as traders paired bets on a March rate cut even further. CME data now has the chance of a March rate cut at 40%, just one week ago it was 53%. Too make matters worse, the $61 billion 5-year Treasury note auction left a lot to be desired after poor demand. A weak bid-to-cover (2.31) and indirect bid (60.9%) pushed Treasury rates…
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