Bond markets were calm
The sharpest movement of the morning (and the most noticeable uptick in volumes) came right at the 8:20am CME open. This is a dead giveaway as to the presence of a "tradeflow-motivated" rally, which I discuss in greater detail in the video.
Consumer Confidence is coming up presently and is one of those reports that always has some potential to move markets, but isn't necessarily guaranteed to do so. It is notable for its internal component the "labor differential," which provides one of
10yr yields are down 2.4bps at 1.858 and Fannie 3.0s are up 6 ticks at 101-31 heading into the data.