So much for that ...

Looks like a weak Philly Fed index was all the bond market needed to rocket today. Long bonds finished the day up 26/32 after the September reading came in at -0.4 vs. 18.5 in August. Traders ignored the prices received sub index, which ROSE to 21.6 from 17.1 (prices paid did, in fairness, decline about 7 points). In other news, new orders were weak, though the employment index popped up from the previous month.