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Worst Of All Possible Worlds?
I don't know how many market participants had "bear flattener" on their jobs day bingo card, but by midday in the US, the front-end bore the brunt of the rates fallout from another strong payrolls update.
A very warm read on longer run inflation expectations in the preliminary University of Michigan sentiment release for January offered another excuse for traders to trim bets on additional Fed cuts in 2025.
By noon, the 2s10s was ~4bps flatter, and the 2s30s ~7bps. Pricing for 2025 Fed easing
The Heisenberg Report continues to be the exception to Betteridge’s law of headlines.