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Market Commentary

Very busy day yesterday - with some Bond Desk technologies issues thrown in for good measure (We apologize for any inconvenience).  Bonds traded sharply higher on the Fed release, which basically told us inflation and growth seem to be roughly in balance - Goldilocks, as they say.  The bonds have sold off a lot over the past couple of weeks and took this as a sign of relief that inflation is under control as far as the Fed is concerned.


More data out this morning confirms that analysis, the ever-important US PCE deflator coming in a little lighter in the core (2.2% Year over Year) than expected and Personal income coming in line.  Inflation is contained, rates will not need to go higher, and the bonds liked the news. 


We are continuing slightly higher this morning, but still need to hear the VERY important ISM manufacturing numbers (I like the former name of NAPM personally) at 10am.


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