Rotation Fascination

Rotation Fascination

Bullish comments from David Tepper (speaking through surrogates on CNBC) helped set the tone and otherwise rescued US equities from what may have otherwise been a very rocky start to the new week, but the overarching narrative was unchanged. Treasurys were heavy, especially intermediates, as high-grade issuance weighed and traders warily eyed the supply calendar. The memory of last month's failed seven-year auction is still uncomfortably fresh, but the outperformance of the long-end suggested F
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