Over the short term Treasuries yields will head higher and prices lower based on the fact that economic damage from this hurricane is not as great as the worst fears had priced in.
More Quotes from John Canavan:
You have a Fed that is obviously going to move to 5 percent on May 10, while the majority of the recent data have surprised to the upside, and there is a growing perception the Fed may have to go even higher.John Canavan
You have seen a pretty significant rise in open interest in the Treasury futures market since the middle of last month as prices have declined, suggesting a pretty substantial short base out there, so we've held our footing so far this week.
John Canavan
The market is in a range trade and that situation is only getting more pronounced as we near the end of the year.
John Canavan
If yields are rising over there, they provide a better investing opportunity.
John Canavan
The story of the week has been the inverted yield curve. It's tough to read too much into the inversion. We may be more firmly inverted tomorrow after the psychological factor sets in. We can have an inverted curve and have it not lead to a recession. It depends on how much the curve becomes inverted and how long it remains there until we can talk about a recession.
John Canavan
The June trade deficit was larger than expected which would suggest -- barring any other factors -- a small downward revision to second-quarter GDP growth,
John Canavan
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