A lot of Friday's action was due to short-covering after the labor report looked weaker than people had expected. But the upcoming supply forces people to question whether they really want to endorse these lower yield levels.
More Quotes from Josh Stiles:
The market took the report in context -- which is that it is often distorted by aircraft orders. It didn't really ignite the bond bulls that the headline number was down so much.Josh Stiles
The market's starting to look further ahead. There seems to be the sentiment that the economy will cool and the Fed (once it hikes interest rates later this month) will be done.
Josh Stiles
The new weakness, which is probably related to the hurricane and oil, definitely set in, ... But this number was a classic dilemma for the market, because the prices paid really rocketed higher.
Josh Stiles
I do think the rise in oil is significant enough already that that's going to buy us headline inflation higher in the next few months. We'll probably get up toward 3 percent.
Josh Stiles
The bottom line is, agencies will maintain their highest credit rating. Agencies are looking like pretty good value.
Josh Stiles
We don't know enough about him to know whether there might be a surprise attack so there is some caution. But overall, the 10-year yield has been in a range of 4 58 to 4 12 for weeks and today, we're right in the middle of that range.
Josh Stiles
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