Sitemap - 2025 - The BondBeat

while WE slept: USTs bid (Wall-E) bunds underperforming; Wall-E says; BREAKS breakin'; ReSale Tales and YCC again? why not -Tchir

while WE slept: USTs are lower by a handful of ticks (TSMC); #Got30s? (rent2own?); Core PCE to firm (Barclays, BMO); eco outlook leans to downside (MS)

while WE slept: USTs aggressively UNCH; CPI recaps; #Got2s in-range (BMO) OR rates 'clean break' (CitiFX); "How markets are still underestimating inflation risk" (how or WHY? DB answers)

while WE slept: USTs bull flatten; NO cuts in 25 (BNP), "And so it begins?" (UBS on tarif’lation), #Got2s?

while WE slept: "USTs retain a modest bear-steepening bias..."; 5s vs 4.00% (aka 'non shall pass'); 60/40 'A 150-Year Markets Stress Test'

weekly observations (07.14.25): "What if?" (DB, ING); "...You will not see me getting in the lifeboat.” -JPOW

while WE slept: USTs cheaper/steeper; '“Bond fund” received more US search than “tech stock”' (DataTREK); bond vol (MOVE) 3y low! Oh Canada! Stablecoin = UST demand; XL slurpee demand (JPOW)

while WE slept: USTs 'creeping' o/n bid ran into wall; S&P upgrade w/note on STOCKS > bonds, and 5000yrs of rates (BAML); daily 'evening stars' formed (CitiFX)

while WE slept: USTs marginally bid, calm; "Do near record low US dividends matter?" (yes -DB); global fiscal follies; 'Shut up, Dan' ...

while WE slept: USTs cheaper (tariffs); 10s approx 225yr avg since (~4.50% since 1800 -DB); mkts disconnected (Apollo)

and another thing(s): 'More room to go' (BLK); Fed to remain on hold (BNP); investors buying (approaching 'the fence', ie NEUTRAL -DB); dollar down, 'flation UP

weekly observations (07.07.25): NFP recaps / victory laps; Global Wall remains bullish, Goldilocks lowers yld f'cast (marks to mkt)

while WE slept: USTs firm; NFP precaps followed by victory laps; 12m MA 2yy on NFP days:'outsized moves' on print ...

while WE slept: "fixed in the red"; 2s testing key support (CitiFX); "buyer strike on US assets continues" (DB); NAZ (not a)bubble indicator (DataTrek); USTs longs build & Hindsight Cap (BBG)

while WE slept: Rates are BID, vote-A-rama continues; Monthly, quarterly performance; NFP precap & Swiss out with updated (and lowered) 10yr rate guess

while WE slept: belly BID, light (60%) volumes into month-end; "Tariff Singularity", remain BULLISH rates and stocks (MS) and ... basking

weekly observations (06.30.25): flatteners and steepeners (BAML, BMO), DOTS identified (DB), stay long 5s, foreigners NOT 'fleeing' (MS); BIS says ...

while WE slept: USTs under modest pressure; "...spikes in geopolitical risk have had no observable effect on 6m SPX returns over the last few decades" (Barclays)

while WE slept: USTs bid (WSJ) ; #Got7s?; #SLRs a changin'; lookin' for front-end dipORtunity (JPM); #GotNYCREITs?

while WE slept: USTs flat ahead of HH2.0; brace for $1tril UST supply; "little bear market" (10s, BG); "Pricing of cuts under the next Fed chair has shifted materially" (DB); #TariffInflation ??

while WE slept: USTs bid ; who's buyin (oil and separately, USTs -DB) ... and a better measure (of GPD) = PDFP; #Got2s?

while WE slept: USTs aggressively UNCH; mkts overconfident in easing while markets/econ have been resilient (DB); geopol events short-lived, Fed's NLP more dovish and thinking 7 CUTS in '26 (MS) ...

weekly observations (06.23.25): bonds BID, Waller SAYS, and Global Wall's buyin' 5s

while WE slept: USTs incrementally firmer/flat; FOMC recaps and ... 2s 'rangy', NIRPs BACK, BRENTs +20.52% since 6/1, Fund managers: U/W USD, recession call gone, rates higher for longer ...

while WE slept: USTs lean 'green' as Iranian leader to speak (?), Fed ahead; 'always rent dont own Earl' (DB); DB asks / answers who REALLY owns USTs (and ING weighs in, too); CUT bets on SOFR fly...

while WE slept: USTs are firmer; "The Worst Investing Mistake" (Yield Hunting); "T-bill and chill" (BNP, sorry, not sorry a good read); "potential medium-term yield top pattern" (JPM on bonds)

while WE slept: USTs softer, holding Friday's base, 20s ahead; "US 30Y yield – summer spike risks" (BAML); oil levels to watch (CitiFX); timin' the steepener (MS)

weekly observations (06.16.25): FOMC precaps, steepeners, flatteners (depending on spot of the curve), 5000yrs of rates, another record short FV, 'BIG' numbers...

while WE slept: F2Q bid, USTs steady as 'Earl JUMPS on Iran tensions; CPI catchups, F2Q read-thrus, 2025 CES b'mark revisions (-857k jobs from April - Dec), inflation 'slowly but surely' and ...

while WE slept: USTs soft; framework for a framework; JPOWs replacement to be tested; bet on bullish HARD data (Yardeni) evidenced by bets on only 1 cut (EBB)...

while WE slept: USTs quiet, Bunds, Gilts lead; stripping demand SURGE (LDI community, #GotDuration, Barclays); "investors currently have the biggest steepener bias in the last 10 years" (BNP)

while WE slept: USTs BID (Bunds lead); 'dont fight it' (where 'IT' is equity bid, -MS); defaults may rise if funding costs don't fall (but not all bad -DB); steeper curve compensates uncertainty (MS)

weekly observations (06.09.25): NFP recaps / victory laps; 3rd largest cash INflows EVER (BAML); 10s 38bps cheap to model (DB); spec net short 30s +90% WoW; yld curve recession indicator back...

while WE slept: USTs rangebound into NFP; ECB beginning of the end (of cuts?); 10yy correlated w/polymarket recession odds; when 'dumb money' sells bonds...; FI desks consult risk managers, pls ...

while WE slept: USTs (and Global Wall) aggressively UNCH; 10s at (1st) resistance; "Seasonal patterns in ... 10y UST yield"; 'mystery bond buyer' identified (Bessent)

while WE slept: USTs contained (twisting flatter 'round 7s), bearish Bund bias o/n; S&P tgt UPdate (6050 from 5900 & next year TO 6700); lending data (C&I) multi yr HIGH ...

while WE slept: ; ... and 10 reasons Fed likely to start easing again (Jimmy P), more on 899 and an interesting twist on the '64k question' ... think NFP?

while WE slept: USTs "moderately cheaper in a relatively quiet overnight session", light volumes; Wally's bullish, US/China tensions; long bond buyers strike

weekly observations (06.02.25): watching 'double top risk' 30s (BAML); bullish bond seasonals (BMO); record SHORT FV (DB); DiMartino BOOTH, a must watch...

while WE slept: USTs marginally lower/flat ahead of PCE and month-end; tariffs sharing centre COURT w/month-end, some bond techs, NFP pre-caps and more...

while WE slept: USTs are 'twist-steepening' on heels of weak 40yr JGB; "Should the Fed Funds rate be higher?" (DB); not yer dad's ‘Widow Maker’ (dip buyers TLTs delivers gains...)

while WE slept: "Bonds bid and yields slump on MOF sources"; #Got2s?; "Long Bond Blues"; no 'wage-price spiral' for you!; dislocations;

... and another thing(s), observed: "Bidless bond"; fiscal (follies)first; (economic)risks skewed to downside; shippings a hassle; (CCCs)canaries in the coalmine

weekly observations (05.27.25): rates VOL (NOT the level) is what matters -DB; "Is the Fed easy?" -DB (hint, YES); Bianco on BONDS ... index extensions coming ...

while WE slept: USTs on 'firm footing'; sentiment (MSI) turns back down; stocks continue watchin' bonds; long-end perspective; TLTs supp & inflows

while WE slept: USTs a little firmer finding some reprieve following 20yr weakness; earnings - strong start to weak year?; JGBs warn; pensions funding secured (the upside of bond bloodbath...)

while WE slept: USTs on backfoot, Bunds outperf; #Got20s?; CNN reports and 'Earl is BID; "It speaks for itself" (where "IT" is USDJPY and 10yy, via DB); 10s TO 3.45; RIP, NORM!

while WE slept: USTs regain footing after poor 20y JGB auction; rent-to-own; "This downgrade is different" -DB; USTs extend 0.076y (slightly > May avg) -MS

while WE slept: all things are 'on sale' as markets continue to marinate in these Moody's Blues; "Unlikely to see forced selling of Treasuries" -BNP; updated f'casts (JPM) as narratives follow price..

weekly observations (05.19.25): Moody's reiterates USAs debt threat (attempt at relevance?); traded out bulls; holding onto narratives (upside rate risks evolving)...

while WE slept: 'USTs bear flattening, 'social buying' long-end despite 125% normal volumes'; Swiss Bliss for a Trade Kiss (thanks, Gemini) ...

weekly observations (05.12.25): belly cheapening; #Got2s -BMO does; equity OUTflows -BAML; specs record short 5s, ultra 10s -DB; recession probs down, S&P tgt UNCH -Yardeni

while WE slept: USTs are essentially unchanged; "Could US tariffs result in higher equilibrium level of interest rates? Yes." -DB; (BBG equity) Model SAYS ...

while WE slept: USTs currently a touch into the red (concession?); UK trade deal; FOMC recaps / victory laps (CONsensus around the wait N see); 100d of Trump in a chart (credit def swaps on USA)

while WE slept: "USTs traded without direction overnight but...", a twist flatter; "The Taiwan effect" -Saravelos; BBG’s NLP Fed Sentiment scoring model suggests ...

while WE slept: USTs 'slow start w/Tokyo out', volumes ~20% below 1m avgs; HKMA say wha?; WHY selloff unwound (and what next); “Multivariate Core Trend” Inflation Measure Hits 3.0% ... ruh roh?

while WE slept: USTs in narrow, holiday-inspired, range; FOMC will have patience, 2yy, well, not so much?

weekly observations (05.05.25): cuts pushed back; buyers of 2s on dips; buybacks @ record highs; "Bear Market Is Coming With S&P 500 Rally Stalling Soon" -DeMark; Barrons cover and more ...

while WE slept: USTs 'contained' into NFP; "Traders Hold Record Amount of <FV> Positions"

while WE slept: USTs firm, quiet overnight; 5yy monthly; data recaps / victory laps as day came / went without much drama; XTEND 10yy tgt (4.14); monthly performance review...

while WE slept: USTs contained ahead of data deluge, "... twist-flattening after China ..." data; "Safe Haven Again?" (BMO); large options bet Fed UNCH

while WE slept: USTs 'contained' ahead of 'packed' calendar; alt data view, dislocations and USD-flows, OH MY ...

while WE slept: USTs 'thin', contained range; UPdated US rates f'casts (BAML and DB offer nuanced / bearish view); new world order = fear of the long bond(?)

weekly observations (04.28.25): NFP, reFUNDING precaps, some stopped OUT of flatteners, stayin' (long belly), others staying IN steepeners; foreigners still buy

while WE slept: "Bonds trade rangebound as participants await further tariff updates..."; that in mind, Bloomberg.com, "Bloomberg: China May Exempt Some US Goods From Tariffs as Costs Rise" ...

while WE slept: USTs are bid (JPOW, China); "Reprieve, not Reversal" (BMO) and some thoughts on "Tactical flattening" (CitiFX); ...this day in 1979...

while WE slept: FI rangebound ahead of supply, Fedspeak; "Preempting Preemptive?"; supply creating demand??; USTs 'increasingly poor hedge...'

while WE slept: mkts remain on edge; 10yy WEEKLY (no signal); HIMCO quarterly (tariff excerpt); "Range Trading Continues Until Clarity Arrives" (MS on stocks)

weekly observations (04.21.25): HIMCOs latest quarterly has arrived ... financial conditions tightening, #Got5s?

while WE slept: USTs cheaper / steeper (DJT Truth fear, JPOW, yer fired?); extend 10yy (long)tgt, move trailing stops (BNP)! "After the tantrum" (HSBC) and more ...

while WE slept: USTs mixed into ReSale TALES; Lets make a deal? "Finding the SLR Lining" -BMO; "Levels have held" -CitiFX

while WE slept: USTs in the red; demand for higher TP behind selloff, buyer 10s, front end weighed Waller's (dovish) comments; (IG)bid / ask spreads widening

while WE slept: USTs are firm; "The art of the repeal" (be / stay long belly) -BAML; 60/40 goin' nowhwere; 'big-a$$ box of bisquick'

weekly observations (04.14.25): "The bond market has entered the chat" (JPM)

while WE slept: USTs muted o/n in response to China response; CPI recaps and victory laps, a look at BONDS and a few (more) 'explanations' of the move

while WE slept: USTs weak, another 'Adult Swim'; happy "Day The Fed Nationalized The Bond Market" -A-versary ... fitting timing, given current day events ...

while WE slept: USTs marginally BID; hunt for liquidity continues, 2s10s profits BOOKED (BMO); FCI tighten = 20bps drag on yr ahead growth (DB); economic goalposts moved (lower, MS)

while WE slept: bond bid fades as equity futures bounce; ... this (note) is NOT 4D chess (but catchup); 'Adult Swim'

while WE slept … and NOW we know … #Tariffs lead to ... TO NO JUNE CUT (-MS) and more ...

while WE slept: USTs in 'holding pattern' o/n;

while WE slept: USTs bid ahead of Liberation Day; some 'eggs-celent news'; math, "Weaker Growth + Fed On Hold = Buy US Treasuries Outright"

while WE slept: USTs bull steepening on 'elevated' volumes; "Some Q2 risks to think about"

weekly observations (03.31.25): March Sadness, traded out bulls, buyers of 7s (adding to longs); 'discretionary' positions NEUTRAL and some more NFP precaps ...

while WE slept: USTs bull flattening; update from a 'traded out bull' (best in biz...); no price hikes for U ('47 TO autos); USTs lose hedge properties?

while WE slept: USTs cheapen, Gilt weakness, 7yr, 40bb IG issuance cited; 7yy 'dipORtunity'; a lowered but HIGHER 10yy f'cast

while WE slept: cheaper / steeper (commods); liquidity dryin' up'; S&P tgt comin' down

while WE slept: USTs cheaper (supply, IFO, data and Fedspeak ahead); "casual demand" reported'; 'breaks' to low; biggest dislocations (aka dipORtunities)

while WE slept: risk ON funded by USTs; happy Dot-Com-A-Versary; "I bought the top, again" -Sam Ro (& every. single. one. of. us...)

weekly observations (03.24.25): best in biz remains long BONDS, others love 5s one way or another ("Liberate Your Inner Bond Bull" -MS) and who's buyin' USTs (see DB); NCAAs expanding TO 4096 teams...

while WE slept: USTs firm (bunds, risk off); 10s TO 6% (thanks, Germany) -TRowe; "Analysis of the paralysis..." -DB; lower rate limits -ING

while WE slept: bonds are BID (on ~90% normal volumes); FOMC narratives being rewritten, stagflation or NOT, choose your own ending; Team Transitory BACK ...? rates downtrend resumes...

while WE slept: USTs rangebound on light (80%) volumes; #Got20s?; "Bull Crash" -BAML FMS (watch what they say and what they DO)...; 'Earl 10% bounce coming? stocks vs bonds, ration turnin...

while WE slept: "Treasuries are bull-flattening in sympathy to Bunds" on THIN VOLUMES; Bessent SAID; OECD lowers ... F2Q perks back up ...

and another thing(s)...happy (?) C19, JPM + BSC-a-versary; 'soft long bias' -BAML; 'when doves cry' -BNP; lower growth & higher peak URATE and UNCH DOTS -JPM; stock jockey on BID (seems like a FADE)

weekly observations (03.17.25): "Rock | Fed | Hard Place" -Barclays; short FFN5, fade CUT pricing ahead of JUNE -BMO; risk off = lower UST yields -MS

while WE slept: happy anniversary (JPM 'buys' Bear); 'USTs slight downward bias'; "No 'Trump Put' for You"; BTFD -BAML

while WE slept: USTs flat to bear steepening ahead of PPI/supply; dipORtunity; stagflation 'basket' for the DUB

while WE slept: ; biggest fall in 2yr open interest (what it means); bullish break FORCES bullishness; (2yr)CALLS > puts = rate CUTS

while WE slept: USTs flat; Uncertainty 2nd highest. Ever; "A key level <5,667> has been broken"

while WE slept: risk OFF, F2Q bid for bonds; narratives follow price ...

and another thing ... 'Tariff-ied'?(book profits in long 2s then buy 5s); 'stagflation calculation' (stay long, in 5s30s steepener)

weekly observations (03.10.25): NFP recaps and victory laps; a look at supply; sell 5s (then buy 'em vs wings) -MS; LONG 30s -BMO ...

while WE slept: Bunds bounce, USTs firm; ylds UP 4 outta 5 previous NFPs; Trade/GDP over past 185yrs (could if finally decline?);

"Record Trade in 10-Year Futures Casts Shadow Over Treasury Rally"; Bernanke SAYS ...

while WE slept: USTs 'under modest pressure' (out the curve); UST options traders tgt BIGGER RALLY (5s TO 3.35 SO, dipORtunity ~4.10%?)

while WE slept: USTs twisting steeper; "History is in the making" and "Narrative Fault Lines Forming" ... less is more

while WE slept: USTs soft to start, monthly performance review and 4 reasons to remain positive ...

weekly observations (03.03.25): buyers of bonds on dipORtunities, sellers of 2s, updated FOMC calls and GDPNow(s) ... the plot thickens

while WE slept: USTs bid, thank a stock; $81t?; couple / few nfp PREcaps ahead of month - end and ... Recession Probability Rising -Apollo

while WE slept: USTs are softer; #NVDA; Mondays, Fridays px action; CapEX booms and busts

while WE slept: USTs are off lows; someone's betting on 10s TO 4.15%; how low can they go ...?

while WE slept: USTs BID; happy Flash Crash-A-Versary; "On a 3-month annualised basis, CPI is running at its fastest pace since late-2022";

while WE slept: stocks bounce back, USTs 'inch' higher; "US10Y yield: 2023-2025 is rhyming with 2015-2017"; why UST mkt has DEMAND problem; spec LONGer'er ...

weekly observations (02.24.25): 2y long profits BOOKED; fcasts updated (bearish or somewhat less so) -- timing is everything?; "Got Duration ?" -HB

while WE slept: Bunds / JGBs BID helping bolster USTs; catchin' up; FOMC pause QT = X, solve for X; "Tariff-Wary Bond Traders Pull Back" ...

while WE slept: USTs are marginally in the red; "...cash levels (3.5%) plunge to lowest since 2010" -FMS; USTs 'holding the line'

while WE slept: USTs soft, Wall-Eeeee says PAUSE and stocks 'rich'

235yrs of 10yy; specs LONG bonds; what do bonds know, anyways ... RIP, Rafterman

weekly observations (02.18.25): ReSale Tales recaps; 10s repeat history, 5% by Memorial Day? Long 2s -everyone; Vigilantes vs VigiLANT; UPdated yld f'casts and more...

while WE slept: USTs are a, "...twist steepening after a range-bound overnight session"; 'PPI lowers core-PCE expectations'

cpi recaps / victory laps (narratives and calls changing, being marked to market); skippin' the bacon, egg and cheese but NOT the coffee; #GotBONDS?

while WE slept: mkts aggressively UNCH ahead of CPI; "Treasury Market’s Inflation Expectations Become “Unanchored” -WolfSt

while WE slept: 'bonds reel' as '47 hits steel, QUIET (Japanese holiday); "NFIB vs Gravity - The headline index backed off in JAN (102.8 vs 105.1 prior)" -Citi; 10s higher 6 of last 7 Febs -BNP

while WE slept: USTs FLAT; "Increasing risk of rate hikes" -BNP

weekly observations (02.10.25): NFP recaps & victory laps. ALSO NOTE some like steepeners, some flatteners while yet others remain LONG BELLY ...

while WE slept: USTs aggressively UNCH into NFP; in steepener and nervous -BMO; "A long history of US rates" ...

while WE slept: "USTs are in the red" (BOJ); Bessent SAYS he and '47 watchin' 10yy (vs 4.50% ...?); PIMCO on bond vol and (dip)ortunities; GO CHIEFS!

while WE slept: "A morning of gains for USTs"; good MACRO MORNINGS to you; "The most important trade chart... "; traders turn NEUTRAL ...

while WE slept: USTs pull back, 'mild bearish bias but...'; Cheaper / steeper for the win; "Tariff, Delay, Reduce, Repeat"

while WE slept: USTs flattening, stocks selling off, tariffs more an impact on growth than price? stagflationary debate commences; Jevons Paradox?

(a few) weekly observations (02.03.25): Tariffs ON, Global Wall reacts; "Buy More Treasuries On Tariffs" (MS) and more ...

while WE slept: USTs a touch lower (tariffs) but...; GDP was <fine, terrible or awsome> choose one; GDP is lookin' back and #HIMCO lookin' fwd; 30yy to peak at '07 levels? stock & bond ylds since 1870

while WE slept: stocks are BID and bonds are, too; Global Wall reacts TO hawkish hold; options trade @ 1123a?; "Dept. of Market Perversity"; "...FOMzzzz…"

while WE slept: bonds nearly UNCH, 10s approach 4.50% resistance; "Long for the Fed" -DB; big LONG bets boomin' -BBG on JPM clients longest since Oct. (of 2010)!

while WE slept: USTs pulling back, NQ outperforms (NVDA +5%, early) and USD bid on '47' tariff-talk; DeepSeek impact on econ, Fed, stocks and bonds ... Global Wall weighs in ...

while WE slept: risk is off, bonds are BID and not a deep fake but rather due to DeepSEEK; China PMIs, DeepSeek, what COULD go wrong ... and finally, Barrons sounds the 'Bond Alarm'

weekly observations (01.27.25): happy 2% goal-A-versary; #GotSteepener?? (BMO); #GotTIPS (BNP); Buy USTs b4 'buyers strike ends' (MS); higher rates lead to lower ... (WFC)

while WE slept: ; "CAPU - At Recessionary Levels", WDL record low, a rising UR ... #HIMCO remains BULLISH bonds; 'all tenant repeat rent (ATRR) supports this

while WE slept: USTs narrow range, bearish bias ahead of DJT @ WEF (11a); "Bond Traders Trim Two-Year Futures Bets as Tariff Talk Picks Up"

while WE slept: USTs touch firmer, bunds bounce (Lagarde); stayin' long FI, getting short EARL and BIG mkt dislocations...

while WE slept: USTs bid, outpacing and on strong volumes

weekly observations (01.21.25): O/N news? "... peak in “anything but bonds” trade of 2020s..." (and oh, same firm jacks UP yld f'casts...); 10yy from 1870-

while WE slept: USTs 'modestly firmer'; "...Cash saw sharp outflows"; BUY 5s -MS; and "Long Rates Are Too High" -Apollo

while WE slept: USTs touch cheaper after CPI-inspired (relief)BID; CPI rounding exercise, "...Was the S&P 500 just 0.002% away from an unchanged day?" -Bianco

while WE slept: USTs bid into CPI; UPdated yield f'casts; stocks double tops; bonds TO 6.50%?; strong Foreign (PRIVATE)demand for USTs...

while WE slept: USTs steady, risk ON (tariffs story, GAZA, Oil); NFIB spikes; an ode to Ben ...

while WE slept: USTs under pressure (NFP, Oil, China exports); ERP says, "bonds are now more attractive"

weekly observations (01.13.25): "...We raise our interest rate forecast on the back of our revised Fed call..." -everyone (incl JPM); "6th year of 3rd Great Bond Bear Market of past 240 years" -BAML

while WE slept: 'USTs are softer, but...'; payroll data looms, the markets fate it assumes ...

while WE slept: quiet (holiday)mkts; 10s vs 'KEY' level (4.74, 2024 'cheaps'); "Lots of Equity Risk. Not Much Premium" (stocks richest in 22y) & TLT outflows 'tremendous' (but NOT bearish)

while WE slept: USTs cheapening into supply; BBG: "Bond Market Targets 5% US 10-Year Yield", last time yields surged, stocks SANK and "... The most important issue may be the secular trend ..."

while WE slept: USTs leaking higher but 'contained'; "None shall pass..." (10s vs 4.64%?); bankruptcies on rise; #FOMC101 (2025 edition)

while WE slept: USTs MIXED; in uncertain times, avoid stocks, stay in bonds -WSJ; WaPO story on TARIFF MAN; "Why 2025 can be another great year" -DB

weekly observations (01.06.25): NFP precaps, #2025 outlook rehash (BMO), "Treasuries Overvalued" (Ironsides) and...

while WE slept: bonds 'relatively contained'; beware BAMLs "SSI"; "Solid, but slowing" -MS precap of NFP

while WE slept: USTs firm (weak China PMI); 1st 4 trading days=contrarian signal; '25 the, "Year Of The Yield Curve" -Winghart; stocks usually goes up (but usually≠always)