Rates Turn Adversarial Amid US Factory Fillip

The keen among you might've perceived the faintest hint of a "good news is bad news" trade as Q2 commenced. It'd be asinine to read anything into holiday-thinned price action on the first day of a new month (and a new quarter), but I'd be remiss not to at least mention the move in US rates. Treasurys were cheaper by up to 13bps from the belly on out the curve into the US afternoon, an apparent nod to the read-through from a surprisingly robust update on America's marquee gauge of manufacturing