Bond Rout Turns Vicious As Bear Steepener Extends

"Duration simply has no friends until the US data rolls over," Nomura's Charlie McElligott said earlier this week. The data isn't rolling over. So duration still has no friends. Both ISM manufacturing and the JOLTS update were amenable to a hawkish interpretation. Yes, the US factory sector spent an 11th month in contraction in September, and yes, Americans seem to be a little more cautious about quitting their jobs than they were during "peak worker scarcity," but ISM is one good month away f