Sadakichi Robbins
Sadakichi Robbins
bit consensus employment looking market number numbers previous shops softer
I would say the market has been a bit sanguine about Friday's employment report, the consensus being 125,000, with a number of big shops looking for softer numbers than consensus than in the previous two months.
heavy held range several supply trading
It's been heavy supply now for several days. We've got a trading range that we've held to very tightly.
move people reading
People are reading a lot into this move that really isn't justified.
break curve europeans hard market threw tried
The market tried so hard to break 3.90 (percent), but the Europeans threw in a curve ball.
aggressive changed fed market mind pace policy rate seemed
The market seemed to have it in their mind that the Fed had already changed their mind, that there was a change in policy to a more aggressive pace (of rate tightening), but that did not occur.
break jobs looking number range
The speculative sellers are looking for the big jobs number that will break us out the range (for yields).
drop fed labor market mess people phrase upbeat upset
It's got people jittery that the Fed may drop the phrase this time, ... We don't think they'll mess with it because it would upset the market too much, but they could well get more upbeat on the labor market.
approach fed greenspan measured medicine supported testimony today view
The view that the Fed can take a measured approach is supported by the Greenspan testimony today -- he reiterated that the measured approach is really the right medicine here.
amount borrowing certainly extremely given nobody street ugly wants
It was an extremely ugly auction. And that's something nobody wants to see, not the Street and certainly not Treasury, given the amount of borrowing they have to do.
bid chunk guess modest oil percent range stuck took
We are still kind of stuck in this 4.67-4.77 percent range and I guess the reversal in oil is what kind of took a chunk out of equities and resumed a modest bid in bonds.
debatable downward trend
The only thing that isn't debatable is that we have a downward trend in yield,
indirect jump maybe none scared surprise turned usual
The real surprise is that none of the usual indirect bidders turned up. Maybe they were scared away by the jump in direct bidding (Wednesday).